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Mexico Wins CIADI Ruling Dismissing Silver Bull’s $315 Million Claim

The tribunal said it lacked jurisdiction under NAFTA time limits, a finding that limits Mexico’s treaty liability in this dispute.

Caso Silver Bull: México gana arbitraje minero ante el CIADI y evita pagar más de 315 millones de dólares. | Crédito: Presidencia/Pixabay/Canva
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Overview

  • A three‑member CIADI tribunal ruled unanimously on May 29, 2026 that it had no jurisdiction and dismissed Silver Bull’s claim for more than $315 million.
  • The panel found the facts Silver Bull relied on fell outside the period the North American Free Trade Agreement (TLCAN/NAFTA) allows tribunals to review.
  • The tribunal rejected the company’s allegation that the Mexican State promoted or was responsible for a local blockade of the Sierra Mojada project.
  • Mexico secured an order requiring Silver Bull to reimburse the state for arbitration costs, and the full award is under CIADI review for redactions before public release.
  • The decision joins several recent CIADI rulings favoring Mexico that have avoided large potential payouts and may reinforce government arguments about the limits of treaty claims and legal certainty for public authorities.