Berkeley Energia (LSE:BKY), the uranium developer behind the stalled Salamanca project in Spain, disclosed after market hours on Monday 29 June that its ICSID arbitration against the Kingdom of Spain will proceed in two separate phases following a bifurcation request from the Spanish government.
The company is seeking compensation of $1.25 billion, alleging Spain violated multiple provisions of the Energy Charter Treaty through its actions against Berkeley's Spanish subsidiary, Berkeley Minera España SA.
The split means jurisdictional objections, specifically Spain's denial-of-benefits argument, will be heard first before any consideration of the merits and quantum of damages.
Berkeley filed its Memorial of Claim in February, a submission that included witness statements and independent expert reports covering technical, regulatory and damages assessments.
Despite the dispute, the company said it remains open to an amicable resolution and is willing to engage with Spanish authorities over the Salamanca project's permitting situation, describing near-term discussions as a live possibility.
A procedural timetable for the bifurcated proceedings will be issued in due course, it said.
