Peru’s Unpaid Mining Award Triggers a Push to Seize Assets Abroad

Key Points

• Lupaka says Peru has not paid a $67 million arbitration award tied to its halted Invicta project.
• The miner is preparing to pursue Peru-linked assets overseas, including commercial targets like Petroperú.
• The case shows how protest-driven shutdowns can turn into costly, cross-border legal pressure.

In 2018, Lupaka Gold Corp. lost access to its Invicta gold project after community protests cut key roads. Lupaka says the state failed to restore workable access and protection. The dispute later moved into international arbitration.

In late June 2025, an ICSID tribunal ruled for Lupaka. Reported damages were about $40.4 million. Interest and costs lifted the total toward $67 million. Lupaka says it contacted Peruvian officials and got no effective reply.

Lupaka says it hired investigators to locate Peru-linked assets abroad and is preparing enforcement steps. Chairman Gordon Ellis has pointed to targets he views as commercial.

He has cited Petroperú, saying it makes large periodic debt payments and carries heavy liabilities. He has also mentioned ships, real estate, and moves to intercept certain debt payments, where courts allow.

Delayed payments raise investor trust concerns

Peru’s Economy and Finance Ministry has said the Interior Ministry and the Energy and Mines Ministry are responsible. It says they must evaluate procedures and pay from their own budgets.

Peru’s arbitration-defense agency, Sicreci, has not publicly offered a payment timetable. Interest is the silent lever. Ellis has said the award accrues near 9% annually, with accrued interest around $20 million.

Each month of delay widens the gap. The wider issue is trust. Peru is a major minerals producer, but social conflicts are common. Investors watch whether disruptions trigger quick, predictable state action.

That episode adds weight. In late December 2025, Peru was found in default in a U.S. federal court action tied to a separate arbitration award of about $91 million over the canceled Chinchero airport concession.

Payment later followed, with receipt confirmed in January 2026. Lupaka says it will raise its case at PDAC in March, where mining countries court investors.

Related coverage: Brazil’s Morning Call | Trump Drops Greenland Tariff Threat After NATO Talks In Davo This is part of The Rio Times’ daily coverage of Peru affairs and Latin American financial news.

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