Gold Reserve seeks US enforcement of ruling against Venezuela

By
Tuesday, December 2, 2014

Miner Gold Reserve announced it has filed a petition in a US district court to confirm and execute a US$713mn plus costs arbitration judgment against the Venezuelan government in relation to the Brisas gold deposit.

In September, the World Bank's International Centre for the Settlement of Investment Disputes (ICSID) ruled that Venezuela breached the Canada-Venezuela bilateral investment treaty when it rescinded Gold Reserve's property rights at the Bolívar state project.

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The two sides failed to reach an agreement after meetings held following the September ruling.

Gold Reserve had valued the Brisas concession at US$5bn, which includes US$300mn spent on exploration and development before then-president Hugo Chávez announced in January 2009 that the government was assuming control of the project.

Based on a mineral resource estimate completed in 2008, Brisas is estimated to contain 11.8Moz gold and 1.6Blbs copper.