Franco-Nevada Corporation v. Republic of Panama

Case summary

At a glance

Parties: Franco-Nevada Corporation v. Republic of Panama
Case no.: ICSID Case No. ARB/24/26
Forum and rules: ICSID Convention arbitration; ICSID Arbitration Rules in force as of 1 July 2022
Treaty: Free Trade Agreement between Canada and the Republic of Panama (signed 15 May 2010, in force 1 April 2013), Chapter 9
Tribunal: Prof. Luca G. Radicati di Brozolo (President), Prof. Dr. Klaus Sachs, Dr. José Antonio Rivas
Outcome: Pending. The published documents are procedural only: Procedural Orders No. 1 and No. 2 (4 March 2025) and an amended procedural calendar (16 June 2025).

The dispute

Franco-Nevada Corporation brought an ICSID arbitration against the Republic of Panama under the Canada–Panama Free Trade Agreement. The published documents are procedural orders only. They do not describe the investment, the measures complained of, the claims or the defences. They set the procedural rules, the transparency regime and the timetable. The hearing is scheduled for 5 to 16 October 2026.

Key holdings

The proceeding is governed by the 2022 ICSID Arbitration Rules. Certain provisions of the FTA also apply to its conduct, especially those in Chapter 9, Section C. The Tribunal was constituted on 9 December 2024, and the Parties confirmed they had no objection to any member. PO1 §§ 1.1–2.1
Transparency follows FTA Article 9.30. ICSID will publish the Award and the Tribunal's orders and decisions, subject to redactions. The main written submissions and the hearing transcripts and recordings will be published only after the Award is dispatched. Exhibits, witness statements and expert reports will not be published. Hearings are open to the public. PO2 ¶¶ 9–15, 23
A party seeking redactions must give notice within 35 days. The other party may object within 14 days, and unresolved disputes go to the Tribunal on a Transparency Schedule. The former Tribunal members keep the power to decide disputes over redactions to the Award even after they are functus officio. PO2 ¶¶ 17–24
English and Spanish are the procedural languages. The Respondent must file English translations of the pleadings, expert opinions and witness statements it submits in Spanish within 14 working days. The Claimant advances the cost of these translations, subject to the Tribunal's final allocation. The Award will be rendered in both languages, which are equally authentic. PO1 §§ 12.1, 12.6, 12.17
ICSID is the place of the proceeding, and the hearing will be held at ICSID's facilities in Washington, D.C. Document production is guided by the 2020 IBA Rules on the Taking of Evidence and uses Redfern/Stern schedules. PO1 §§ 11.1, 16.2–16.4
With the Parties' consent, Valeria Fasciani of Arblit was appointed Tribunal Assistant at US$ 200 per hour. ICSID requested an initial advance of US$500,000, split equally between the Parties. PO1 §§ 8.1–8.4, 10.2
The amended calendar moved the Memorial to 20 June 2025 and the Counter-Memorial (with any jurisdictional objections) to 30 October 2025. The hearing dates of 5 to 16 October 2026 were kept. PO1 Amended Annex B

Procedural history

22 July 2024After registration of the Request for Arbitration, ICSID requests an advance of US$500,000; the Claimant pays its US$250,000 share on 31 July 2024.
9 December 2024Tribunal constituted on the President's acceptance of his appointment. Klaus Sachs had accepted on 30 September 2024 and José Antonio Rivas on 15 October 2024.
5 February 2025First session held by Zoom.
4 March 2025Procedural Order No. 1 sets the procedural rules and the calendar.
4 March 2025Procedural Order No. 2 sets the transparency and confidentiality regime.
16 June 2025Amended procedural calendar (Annex B to Procedural Order No. 1) issued.
5–16 October 2026Hearing scheduled.