Statement by Solway Investment Group on the decision by the Inter-American Court of Human Rights on Guatemala indigenous land rights concerning its two nickel mine companies

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ZUG, Switzerland, Dec. 18, 2023 /PRNewswire/ -- Solway is sympathetic to the cause of justice and respect for the rights of indigenous peoples in Guatemala. Solway agrees with the overall result of the case removing ambiguity in property rights that was contested in courts by the Agua Caliente community years before Solway has acquired the Fenix-nickel project.  

Solway was not involved with the events alleged in the complaint, which occurred years before Solway's acquisition of the two Guatemalan mining and refining companies. Solway would also like to stress that the decision by the Inter-American Court of Human Rights does not cover the right of the company to conduct mining operations in the areas outside the Agua Caliente community lands. Solway will assist and cooperate with the Guatemalan Government to achieve justice for the Indigenous peoples whose rights were found by the Court to be injured. We will support the efforts of the Guatemalan Government to conduct discussions with Agua Caliente community as the court ruling stipulates. 

Solway never was a party to this case, had nothing to do with alleged violence, threats or harassment of Indigenous people alleged, and never had any active mining or exploration operations in the area concerned. 

In the last 12 months Solway has implemented wide-ranging reforms, seeking to improve transparency and accountability. Solway has put in place a grievance mechanism to enable complaints by affected stakeholders concerning human rights or other adverse impacts to be properly considered. Solway also adopted Сode of Conduct and the Human Rights Policy. In accordance with that policy and the UN Guiding Principles on Business and Human Rights, Solway affirms its respect for human rights, including the fundamental rights to freedom of association and  expression. 

In connection with this effort, the US Government agency, OFAC, issued a broad license to the Guatemalan mining subsidiaries in September 2023, which effectively suspends all sanctions against the two mining subsidiaries for one year. 

While this has nothing to do with the Human Rights Court case, Solway fired the two individuals – one Russian, the other Belarusian – who were sanctioned by OFAC.  

It is Solway's hope, working with the Guatemalan government, that the OFAC license will allow the mines to immediately resume production in a safe and responsible manner and to protect thousands of direct and indirect Guatemalan jobs working for the company's nickel mining and refining operations. An operating mine will not only be a source of stability and economic growth for the region but will also serve as an important source of nickel for US and European battery materials market, negating the need to source these from Chinese and Russian owned mines.

For further details and requests please contact us at [email protected] or by phone +41417400400.

SOURCE Solway Investment Group