Tara Resources AG v. Montenegro

At a glance

Parties

Tara Resources AG v. Montenegro

Case no.

ICSID Case No. ARB/25/36

Forum and rules

ICSID Convention arbitration; ICSID Arbitration Rules in force as of 1 July 2022; place of proceeding Washington, D.C.

Treaty

Switzerland–Montenegro BIT (2005), according to the ICSID case database; the published orders do not refer to it

Tribunal

Mr. D. Brian King (President), Judge O. Thomas Johnson, Ms. Loretta Malintoppi

Sector

Mining concession (according to the ICSID case database)

Outcome

Pending. The published documents are two procedural orders of 29 December 2025 that set the rules of the proceeding and its transparency regime.

Amount

No amounts claimed are stated. ICSID requested advances of USD 400,000 in total, USD 200,000 from each Party.

The dispute

Tara Resources AG brought an ICSID arbitration against Montenegro. The ICSID case database describes the dispute as concerning a mining concession, with the claim brought under the Switzerland–Montenegro BIT of 2005. The two published procedural orders do not describe the facts, the measures complained of, the claims or the defences. They show only the organisation of the proceeding: the tribunal, the rules, the schedule and the transparency regime.

Key holdings

1. The proceeding is governed by the ICSID Arbitration Rules in force as of 1 July 2022. The Tribunal was constituted on 24 November 2025, and the Parties confirmed they had no objection to any Member. PO1 §§ 1.1, 2.1
2. On 6 August 2025 the Claimant disclosed a third-party funding arrangement with Devonian ICAV under Arbitration Rule 14. Both Parties must disclose any new funding arrangement or change in an existing one. PO1 §§ 10.1–10.2
3. Washington, D.C. is the place of the proceeding and English is the procedural language. An in-person hearing is set for 18–22 October 2027, with 25–26 October 2027 in reserve. PO1 §§ 11.1, 12.1, 22.4
4. For document production the Tribunal will be guided, but not bound, by Articles 3 and 9 of the IBA Rules 2020. Requests are made in a Redfern Schedule and are recommended not to exceed 35 per Party. The Tribunal may draw adverse inferences if a Party fails to produce documents it has been ordered to produce. PO1 §§ 16.1, 16.4, 16.12
5. The Parties consent to publication of the Award by ICSID, with agreed redactions. Orders and decisions will be published. Written submissions, supporting documents, and hearing transcripts and recordings will not be published, and hearings are closed to the public. PO2 ¶¶ 8–14
6. A Party seeking redaction of a decision or order must give notice within 21 days. The other Party may object within 14 days. Disputes that remain unresolved go to the Tribunal on a Transparency Schedule. PO2 ¶¶ 17–21

Procedural history

1. 6 August 2025After registration of the Request for Arbitration, ICSID requests the first advance on costs. The Claimant discloses its third-party funding by Devonian ICAV.
2. 25 September – 24 November 2025The arbitrators accept their appointments (25 September, 31 October and 24 November 2025).
3. 24 November 2025The Tribunal is constituted.
4. 23 December 2025First session held by video conference.
5. 29 December 2025Procedural Order No. 1 on the procedural rules and schedule.
6. 29 December 2025Procedural Order No. 2 on transparency and confidentiality.
7. 18–22 October 2027Scheduled hearing, with 25–26 October 2027 in reserve.

Tribunal, counsel and experts

Decided by

• D. Brian King President
• Jr. O. Thomas Johnson Co-arbitrator
• Loretta Malintoppi Co-arbitrator

For the claimant

Boies Schiller Flexner LLP

For the respondent

Ministry of Energy and Mining (Montenegro) · Protector of Property-Legal Interests of Montenegro · Hughes Hubbard & Reed LLP · Nikčević & Kapor

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Keywords

• mining concession
• Switzerland–Montenegro BIT
• Montenegro
• third-party funding
• Devonian ICAV
• procedural order
• transparency
• confidentiality
• redactions
• document production
• Redfern Schedule
• IBA Rules on the Taking of Evidence
• ICSID Arbitration Rules 2022
• mining

Summary generated with AI from the published documents — refer to the award for the authoritative text.