In the last year, Berkeley has initiated arbitration against Spain through the International Center for Settlement of Investment Disputes (ICSID) after their plans to exploit a uranium mine in Retortillo, Salamanca were rejected by the Spanish government. This move follows a letter sent to Spanish President Pedro Sánchez and Minister for the Ecological Transition Teresa Ribera in November 2021, requesting negotiations to resolve the impasse. However, negotiations failed to produce a response from the government and Berkeley was left with no choice but to pursue arbitration.
The cost of this arbitration could be significant, possibly one of the most expensive initiated against Spain during Pedro Sánchez’s term. Berkeley has invested approximately 100 million euros in the Retortillo project and values the Salamanca deposit at nearly 500 million euros. Despite this potential expense, Berkeley remains committed to resolving the dispute through arbitration.
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