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Instead of tax specific stabilization clauses, mining contracts may also include general stabilization clauses, which cover all issues considered by the contract. Other key features may include: the State party's obligation to facilitate the issuance of authorizations, permits, or approvals necessary for operations; ...
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B. Stabilization clauses: background and debate I. Current features of stabilization clauses in investor- state contracts General information about stabilization clauses in contractual practice is difficult to find, as investor-state agreements are not easily publicly accessible. In …
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The paper covers the following risk allocation clauses (in addition to a note on the risks of investor–state dispute settlement, or ISDS): Force majeure; Liability and compensation or indemnification for climate-related risks; Insurance requirements; Stabilization or change-in-law clauses; Periodic review; Warranties and representations; Step ...
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Section 3 explores the drivers and sources of energy disputes, including the breach of stabilization clauses. ... but it has also necessitated continued reliance on arbitration clauses/agreements and stabilization clauses in petroleum and mining agreements. There are indeed various issues which cannot fully be explored in this chapter. However ...
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40 Under 40 in International Arbitration: Stabilization Clauses in an Increasingly Unstable World: Long-Term Mining Contracts as a Tool for Sustainable Development 17 …
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6 Legal stabilization of mining investments . 1 Introduction . 2 Stabilization regimes . 2.1 Contract-based stabilization clauses . 2.2 Statute-based stabilization clauses . 2.3 Treaty-based stabilization regimes . 2.4 Consequences of treaty-based stabilization regimes . 3 Drivers of stabilization regimes in Africa . 4 Deleterious effects of ...
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Wolters Kluwer, 2021. Stabilization clauses are fundamental to provide legal certainty to attract investors and protect their rights, especially in the energy sector as it involves capital-intensive investments to be recovered in extended periods of time in which a lot could happen, but they can also restrict developing countries' regulatory activity, which can be essential to protect human ...
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• Stabilization clauses should not be included in mining contracts. If included, they should explicitly apply to changes in fiscal policy only; specifically reaffirm the state's sovereign right to pass climate legislation, even if it relates to fisca l policy (e.g., carbon taxes); and indicate an expiration date.
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On the basis of this change, the stabilization clauses, alongside other terms in a controversial 2009 agreement with London Mining were reviewed. Footnote 162 First, while …
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The Mining Act [CAP. 123 R.E. 2019] 1 THE UNITED REPUBLIC OF TANZANIA CHAPTER 123 THE MINING ACT [PRINCIPAL LEGISLATION] REVISED EDITION 2019 This Edition of the Mining Act, Chapter 123, has been revised up to and ... Regulation over use of stabilization clauses. 100F. Plough–back of profits from minerals sector.
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Stabilization clauses are clauses in private contracts between IOCs and HGs that largely protect the interests of the IOCs in case of changes in the host country's law during the project's life cycle. Stabilization clauses are thought to be a good strategy to encourage investment since they provide a favorable investment environment.
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Mining companies have also managed to reduce the risks of legislative and regulatory changes by inserting "stabilization clauses" in their contracts with host States. …
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What we do Investment Arbitration Reporter offers news & analysis of international arbitrations between foreign investors and sovereign governments, as well as proprietary data and legal research tools.
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Stabilization clauses. Stabilization clauses are widely used in the mining sector, and seek to preserve the deal between the host state and mining project participants for the life of the project by: (a) mitigating or managing the political risks associated with the project; (b) restoring economic equilibrium between parties should it be ...
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For example, a mining lease may stipulate that the rights vested in the parties to the contract shall not be altered except by mutual consent of the parties. The 'freezing 1 stabilization clause may also provide that amendments to existing law as well as any new law enacted after the mining contract is executed shall not apply to the investor ...
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2.0 The Legal dimensions and Rationale of Stabilization Clauses in the Mining Investment Agreements Stabilization clause consists of set of mechanisms which are entrenched in the …
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As noted above, some stabilization clauses freeze die legal and fiscal regimes applicable to mining projects. Although freezing stabilization clauses are most prevalent in sub-Saharan Africa, in reality' freezing stabilization clauses cannot prevent die host country from amending the legal and fiscal regimes governing a project. Even in cases where die host country' validly …
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Analysis: UK Supreme Court confirms that general choice-of-law clause in UniCredit v. RusChemAlliance dispute applies to arbitration agreement between the parties, and UK judges have authority to issue anti-suit injunction to protect Paris-seated arbitration. Sep 19, …
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Legal stabilization of mining investments 199 consent of the parties". ... Thus, the position in some African countries today is that stabilization clauses in contractual agreements are backed by statutory provisions prohibiting host states from unilaterally amending the fiscal regimes governing specific projects.
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"A stabilization clause or a stabilization curse? A look at the effects of Stabilization clauses on Host Country, by measuring the effects of the LNG Act on the Nigerian economy," p.12. Ibid. at p.13. Jagritti, S.(2015), op.cit at p.7. Ibid. Damon Vis-Dunbar,(2008)'Tanzania bad deals with foreign mining companies' Ibid.
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commerciality of a mining project. Such clauses can take on a variety of forms, but typical examples are: 1. freezing clauses, which provide that laws in place at the time the agreement is executed will apply for the life of the agreement (although these have become less common); and 2. balancing clauses, which provide for the
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2.0 The Legal dimensions and Rationale of Stabilization Clauses in the Mining Investment Agreements Stabilization clause consists of set of mechanisms which are entrenched in the contract with a view of maintaining specific economic and legal conditions that are considered essential and crucial for validity of the contract.2 It seeks to
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International mining companies have 3 or may thus initiate arbitration proceedings for breach of the stabilization clause in the mining code or on the basis of bilateral investment treaties. Other bones of contention between state-owned entities and foreign investors relate to their respective rights under joint venture agreements. Contractual ...
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Although tribunals differ with regard to the scope of umbrella clauses, overall tribunals ascribe a narrow or broad meaning to umbrella clauses depending on the. Legal stabilization of mining investments 209 specific wording of the treaty as well as on other factors that indicate the intention of the treaty parties.
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2.4. Validity and effects of the stabilization clauses. 41 2.5. Fair and Equitable Treatment and its relation with stability and stabilization clauses. 44 3. EXAMPLES OF STABILIZATION CLAUSES CONCERNING THE STABILIZATION OF ENVIRONMENTAL REGULATIONS IN FAVOUR OF MINING COMPANIES. 3.1. Stabilization clauses in state agreements. 46 3.1.1.
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Mining statutes and mining contracts in Africa should contain express provisions regarding renegotiation of stabilization clauses at specified intervals. For example, Tanzania's Written Laws (Miscellaneous Amendments) Act, 2017 requires all stabilization agreements to "make provision for renegotiation from time to time as may be necessary ...
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The need for stabilisation clauses in long-term mining agreements. Traditionally, the most acute form of political risk attending a foreign mining project has been nationalisation: the risk of the host government taking ownership of the project and evicting its foreign owner without fair compensation. However, the risk of nationalisation (the ...
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A. Meaning of Stabilization Clauses. A stabilization clause generally refers to any clause that is contained most typically in an investment contract concluded between a host …
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January 27, 2017 Commonwealth of Independent States and Ukraine, Damage Determinations, Energy Charter Treaty, Energy Disputes, ICSID (World Bank), Stabilization Clauses (Tax or Regulatory) Ridhi Kabra
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The purpose of this study was to examine whether stabilization clauses, a widely used risk-management device in investment contracts, may affect a state's action to implement its international human rights obligations…The study used social and environmental laws (such as nondiscrimination, health and safety, labor and employment rights, and the protection of the …
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Stabilisation Clauses and the Zambian Windfall Tax Author: Sangwani Ng'ambi Keywords: Zambia, Foreign direct investment, International investment contracts, Stabilization clauses Created Date: 11/5/2013 10:28:21 PM
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Contract-based stabilization clauses have evolved in recent years, culminating in the second type of stabilization clause that is designed to maintain economic equilibrium between the host state and the investor. ... The 'economic equilibrium' clause is a modern feature of mining contracts in Africa, and in some countries such as Tanzania ...
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This book analyses the impact that stabilization clauses have on the development of human rights ... Zambia has seen an increase in the flow of foreign direct investment; a large quantity of which went into the copper mining industry. The price of copper increased radically, which prompted the Zambian government to reconsider the preferential ...
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Mining companies have also managed to reduce the risks of legislative and regulatory changes by inserting "stabilization clauses" in their contracts with host States. These clauses may be drafted in a variety of forms, but the main purpose is to provide a certain level of predictability and protection to foreign investors.
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40 Under 40 in International Arbitration: Stabilization Clauses in an Increasingly Unstable World: Long-Term Mining Contracts as a Tool for Sustainable Development 17 January 2024 40 Under 40 in International Arbitration Share. Laura Sinisterra has contributed an ...
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Stabilization clauses insulate the investor from non-commercial risks associated with long-term concessions. However, the fact that they are upheld so rigidly by arbitral tribunals may impede the development of new regulations. ... which introduces a number of obligations that could add to the operating costs of mining companies. The Zambian ...
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TY - JOUR. T1 - Stabilization Clauses. T2 - Do They Have a Future? AU - Cameron, Peter. PY - 2020/6. Y1 - 2020/6. N2 - There are three pillars of legal stability in international oil and gas investments: stabilization clauses, expectations of a stable legal framework under an investment treaty and guarantees set out in the host state's domestic legislation.
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Analysis: ICSID tribunal majority in Smurfit v. Venezuela finds that denunciation of ICSID Convention by state before the arbitration was lodged does not affect its jurisdiction under BIT's sunset clause, and awards close to 400 million USD in compensation for unlawful expropriation and breach of FET standard
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they no longer adopt stabilization clauses or more limited forms of the clause. In particular, stabilization clauses in these countries now exclude socially and environ - mentally desirable laws from their ambit. The chapter begins with an overview of stabilization clauses and the debate on the impact of stabilization clauses on human rights.
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For example, Clause 14.1 of the agreement between Kansanshi Mines and the government of 113 Stabilization Clauses and the Zambian Windfall Tax Zambia states that for a period of 15 years the government of Zambia were precluded from increasing the corporate income tax, VAT or impose any new taxes "so as to have, in each case, a material ...
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