Vasilis Pappas and Sharon Singh, together with Patricio Cumming of PAIG Impact in Mexico City, made a presentation to the CBA Natural Resources Law Section on the resurgence of "resource nationalism" around the world, the impact this is having on Canadian companies in the mining and oil and gas sectors and the ways in which such Canadian companies can protect themselves. 

In particular, they explained how due to a myriad of factors—including a rising wave of populism and impacts of the COVID-19 pandemic – governments in many emerging markets in Latin America, Africa and Central Asia are undertaking or contemplating measures harmful to foreign investors in the natural resources sector, including the outright nationalization of foreign-owned projects, the cancellation or forced renegotiation of concession agreements and fiscal stabilization agreements, and the imposition of new taxes or royalties. They also spoke about how a renewed focus by governments to take actions to advance environmental, Indigenous rights, and social issues factors into the complexity of factors behind the rise of resource nationalism.

They further explained the unique impact this is having on Canadian mining and oil and gas companies with projects around the world, and the many inquiries they have received in recent months by such companies looking for ways in which to protect themselves. The good news is, as Vasilis and Sharon explained, Canadian companies can protect themselves through investment treaties, either by restructuring to avail themselves of investment treaty protections, or by investor-state arbitration should the worst occur.

Please contact Vasilis or Sharon for more information regarding this presentation, as well as any concerns arising from the rise of resource nationalism around the world.