Unnamed funder backs international arbitration against Mexico

An unnamed funder has agreed to back international arbitration proceedings brought by Almaden Minerals (TSX:AMM) against Mexico under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). Almaden is pursuing damages against Mexico for allegedly blocking the development of the Ixtaca project and ultimately retroactively terminating Almaden’s mineral concessions, causing the loss of the company’s investments in Mexico.

Under the litigation funding agreement, the funder - a “leading legal finance provider” - has agreed to provide up to US$9.5 million to Almaden to pursue the claim. The facility is available for immediate drawdown.

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