On September 4, 2020, Odyssey filed the First Memorial in the case brought against Mexico under the North American Free Trade Agreement (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.
The First Memorial presents Odyssey’s NAFTA claims that Mexico, among other things:
Violated the Minimum Standard of Treatment;
Indirectly expropriated the investment; and
Treated the investment less favorably than it treated domestic investors.
Odyssey seeks damages of more than $2.3 billion including interest from April 2016 to the date of the First Memorial’s submission.
On January 4, 2019, Odyssey formally filed a Notice of Intention (NOI) to file a claim against Mexico under Chapter XI of the North American Free Trade Agreement (NAFTA).
On April 5, 2019 Odyssey filed a Notice of Arbitration (NOA) in the case. This action was taken to protect its rights and defend shareholder value.
In accordance with its commitment to transparency in investor-State arbitration, Mexico has made Odyssey’s filings filings available on the website of the Secretaria de Economia.
English versions of these filings are available at the links below