Odyssey Marine Exploration Files First Memorial in Mexico NAFTA Case
September 16 2020 - 8:30AM
Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean
exploration pioneer engaged in the discovery, development and
extraction of seabed minerals, is pleased to report that on Friday,
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.
The First Memorial is supported by documentary evidence, and 20
expert reports and witness statements. In summary, this
evidence includes:
- MERITS: Testimony from independent environmental experts
and legal experts that the environmental impact of ExO’s phosphate
project is minimal and readily mitigated by the mitigation measures
proposed by ExO. Witnesses also testified that Mexico’s
denial of environmental approval by the prior administration was
politically motivated and not justified on environmental grounds,
and that Mexico granted environmental permits to similar dredging
projects in areas that are considered more environmentally
sensitive than ExO’s project location.
- RESOURCE: An independent marine geologist testified as to
the size and character of the resource.
- OPERATIONAL VIABILITY: Engineering experts testified that
the project uses established dredging and processing technology,
and the project’s anticipated CAPEX and OPEX was reasonable.
- VALUE: A Phosphate market analyst testified that the
project’s projected CAPEX and OPEX would make the project one of
the lowest cost phosphate rock resources in the world, and damages
experts testified the project would be commercially viable and
profitable.
This NAFTA arbitration is being administered by the
International Centre for Settlement of Investment Disputes (ICSID)
and it is expected that a redacted version of the First Memorial
will be available to the public within approximately 60 days. Once
the Memorial is made available by ICSID, Odyssey will provide a
link to the filing on its website, www.odysseymarine.com.
The NAFTA hearing is scheduled to take place in January 2022
unless settled earlier by the parties.
About Odyssey Marine
Exploration Odyssey Marine Exploration, Inc. (Nasdaq:OMEX)
is engaged in deep-ocean exploration using innovative methods and
state-of-the-art technology to provide access to critical resources
worldwide. Our core focus is the discovery, development and
extraction of deep-ocean minerals. Odyssey also provides marine
services for private clients and governments. For additional
details, please visit www.odysseymarine.com.
Forward Looking
InformationOdyssey Marine Exploration believes the
information set forth in this Press Release may include "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933 and Section 21E of the Securities Act of 1934. Certain factors
that could cause results to differ materially from those projected
in the forward-looking statements are set forth in "Risk Factors"
in Part I, Item 1A of the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, which was filed with the
Securities and Exchange Commission on March 30, 2020. The financial
and operating projections as well as estimates of mining assets are
based solely on the assumptions developed by Odyssey that it
believes are reasonable based upon information available to Odyssey
as of the date of this release. All projections and estimates are
subject to material uncertainties and should not be viewed as a
prediction or an assurance of actual future performance. The
validity and accuracy of Odyssey's projections will depend upon
unpredictable future events, many of which are beyond Odyssey's
control and, accordingly, no assurance can be given that Odyssey's
assumptions will prove true or that its projected results will be
achieved.
Cautionary Note to U.S.
InvestorsThe U.S. Securities and Exchange Commission (SEC)
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "measured", "indicated," "inferred"
and "resources," which the SEC guidelines strictly prohibit us from
including in our filings with the SEC. "Inferred mineral resources"
have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an inferred mineral resource
will ever be upgraded to a higher category. U.S. investors are
cautioned not to assume that part or all of the inferred mineral
resource exists, or is economically or legally mineable, and are
urged to consider closely the disclosures in our Form 10-K which
may be secured from us or from the SEC's website at
http://www.sec.gov/edgar.shtml.CONTACT:Laura Barton Odyssey
Marine Exploration, Inc.(813) 876-1776 x
2562laura@odysseymarine.com
Odyssey Marine Exploration (NASDAQ:OMEX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Odyssey Marine Exploration (NASDAQ:OMEX)
Historical Stock Chart
From Sep 2023 to Sep 2024