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Odyssey raises funds for Mexico seabed mining arbitration

Bnamericas Published: Wednesday, June 15, 2022
Odyssey raises funds for Mexico seabed mining arbitration

Odyssey Marine Exploration raised funds to continue an international arbitration claim against Mexico following the rejection of a seabed mining project.

Florida-based Odyssey is seeking damages of over US$2bn after authorities refused to grant an environmental permit for its Oceánica (formerly Don Diego) phosphate sands seabed mining project off Baja California Sur state in 2018.

Odyssey raised net proceeds of US$15mn through a direct offering of equity securities.

“We expect this financing to carry Odyssey through a decision on our NAFTA arbitration and provide the cash to self-fund a portion of the NAFTA litigation,” CEO Mark Gordon said in a release.

The company said it is increasingly confident about the outcome of the litigation, with some hearings completed.

Part of the proceeds will also be used to repay a portion of debt to Minera del Norte, a subsidiary of Mexican steelmaker Ahmsa, and for investment in mineral projects in South America and the Pacific Islands.

Mexico is also facing ongoing arbitration claims by Canada’s First Majestic Silver over a tax dispute and US-based limestone miner Legacy Vulcan.

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