Bolivia said Tuesday it would appeal a ruling from an international tribunal that gave India’s Jindal Steel & Power Ltd. 532286.BY -3.39% a multimillion-dollar award in a dispute over the development of the El Mutún iron ore project.
“We are going to appeal the decision in the corresponding tribunals in order to defend the interests of the Bolivian state,” Vice President Álvaro García told reporters Tuesday.
The Paris-based International Chamber of Commerce ruled earlier this month that Bolivia’s state-owned mining company Empresa Siderúrgica del Mutún should pay Jindal $22.5 million in compensation for the seizure of funds to guarantee the development of El Mutún.
Mines Minister César Navarro also criticized the judgment. “We don’t share these types of actions or decisions that think about private capital and don’t think about the well-being of the people and the state,” he said in a statement.