CL-2025-000376 - [2025] EWHC 2875 (Comm)

The NPP Parties have clearly and distinctly the better of the arguments that they are entitled to 100% of the Sale Proceeds.

There is a significant risk that RAE will be unable to satisfy an award of damages. Conversely, it is in my judgment highly unlikely that the grant of the injunction would result in the Rio Alto Group and/or RAE going out of business.

Refusing the injunction is therefore likely to cause irremediable prejudice to the NPP Parties, whereas granting the injunction is unlikely to affect RAE’s position. The balance of convenience therefore weighs heavily in the NPP Parties’ favour, particularly when taking into account the relative strength of the parties’ cases.

There is no conflict or tension between the Injunction Applications and the reorganisation process or orders of the Brazilian court.

The sensible course is to preserve the Disputed Proceeds pending the resolution of the Parties’ disputes in the jurisdictions (the Engiish Court and London arbitration) chosen by them.