Odyssey has filed a NAFTA Claim to protect its rights and defend shareholder value. 

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In January 2019, Odyssey filed a Notice of Intention (NOI) to file a claim against Mexico under Chapter XI of the North American Free Trade Agreement (NAFTA). In April 2019, the company filed a Notice of Arbitration (NOA) in the case. 

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On September 4, 2020, Odyssey filed the First Memorial in the case brought against Mexico under NAFTA on its behalf and on behalf of subsidiary Exploraciones Oceánicas (ExO), alleging that Mexico wrongfully denied environmental approval of the ExO Phosphate project in breach of NAFTA. Odyssey seeks damages of more than $2.3 billion including interest from April 2016 to the date of the First Memorial’s submission.

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Filings in the case are available on the International Centre for Settlement of Investment Disputes (ICSID) website.

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After three years of preparation and multiple written filings including documentary evidence plus reports and statements from 20 experts and witnesses, the Tribunal heard directly from Odyssey, select experts and witnesses during a NAFTA Tribunal hearing in January 2022. During the hearing, Odyssey’s legal team also had the opportunity to cross-examine Mexico’s witnesses. The hearing was not public, which precludes Odyssey from reporting or commenting on them further. After the evidentiary phase is closed by the Tribunal, deliberations will begin. Odyssey cannot predict the length of these deliberations or when a ruling will be issued.

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