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Pre-Ιnvestment Expenditures, Defining an Investment, and a Problem of Translations: Patel Engineering v the Republic of Mozambique

Kluwer Arbitration

Investors frequently make expenditures in the preparatory phase of an investment, such as environmental impact assessments , scientific surveys, or financial advice. The railway corridor would transport minerals, including coal, for export ( Notice of Arbitration , para 2). When are these expenditures considered an investment?