This article examines how investor–State arbitral tribunals assess damages in mining related disputes, focusing on the ways in which a project’s stage of development, the availability and quality of technical and financial evidence, and the degree of certainty associated with economic projections influence the selection and application of valuation methodologies. Drawing on decisions issued between 2010 and 2025, the analysis outlines the types of State measures that have given rise to international responsibility and reviews how tribunals have approached income based, market based, and cost based valuation methods in practice. The article aims to provide a structured overview of the factors that tribunals typically consider when evaluating damages in mining disputes, offering insight into the evidentiary and methodological considerations that shape outcomes in this complex area of international investment arbitration.
Iurgium [previously Spain Arbitration Review]