Lupaka Gold’s $49M Peru settlement: Invicta project and funding lessons for miners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Lupaka Gold has received about $49.4 million from Peru, equal to 70% of a roughly $70.6 million ICSID arbitration award over 2018 community road blockades that shut its Invicta gold project, 120 km north of Lima. Peru has committed to pay the remaining ~$21.2 million by 31 December 2026, with interest accruing on any delay, while Lupaka suspends enforcement and asset-attachment actions in multiple jurisdictions. The company will first repay arbitration funder Bench Walk Advisors, then make two contingent value rights distributions, retaining up to C$8 million for working capital.
Technical Brief
- ICSID award had grown to about S$67 million with accrued interest before settlement negotiations.
- Community road blockades in 2018 physically cut access to the Invicta site, forcing operational shutdown.
- Arbitration was launched in late 2019, about a year after the access-blocking protests.
- Lupaka alleged the Peruvian state not only failed to prevent but supported the protest activity.
- Bench Walk Advisors funded the arbitration in exchange for priority repayment plus a contingent profit share.
- First CVR distribution must be made within 30 days of the initial settlement receipt, per 2022 indenture.
- Up to C$8 million is ringfenced from award proceeds for Lupaka’s working capital and corporate purposes.
- Deductions for legal, professional, tax and distribution costs are concentrated in the first CVR payment structure.
Our Take
Peru’s willingness to pay out an ICSID award linked to the Invicta gold project contrasts with several unresolved Latin American arbitration cases in our database, and is likely to be read by junior miners as a modest improvement in perceived sovereign risk for gold and copper assets in the country.
The combination of a gold-focused award and copper exposure at Invicta fits with our coverage showing that many of the 575 keyword-matched copper and gold pieces now involve multi-commodity systems, which can make projects more resilient to single-commodity price swings but complicate future sale or JV negotiations.
With Lupaka retaining up to C$8 million for working capital while distributing most of the Peru settlement via CVRs, the company effectively becomes a cash-backed shell with optionality on the Invicta asset, a structure that often precedes either a reverse takeover or acquisition of new Latin American projects in our mining deals coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
Related Articles
Related Industries & Products
Mining
Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.
CMRR-io
Streamline coal mine roof stability assessments with our cloud-based CMRR software featuring automated calculations, multi-scenario analysis, and collaborative workflows.
HYDROGEO-io
Comprehensive hydrogeological testing platform for managing, analysing, and reporting on packer tests, lugeon values, and hydraulic conductivity assessments.
GEODB-io
Centralised geotechnical data management solution for storing, accessing, and analysing all your site investigation and material testing data.


