Holcim receives final compensation payment from Venezuela

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Tuesday, December 2, 2014

Venezuela has delivered the final compensation payment of US$97.5mn to cement firm Holcim for the nationalization of its local operations in 2008.

In a release, Holcim said the agreed total compensation was US$650mn.

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The final US$97.5mn payment was due in September.

But the move does not mark the end of Venezuela's troubles. The sharp fall in oil prices is expected to trigger a new wave of unrest in Venezuela and push the country to the brink of default, even after a US$4bn cash injection by the Chinese government last month allowed the country to shore up its limited foreign reserves for the time being.

And in latest developments, 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to confirm and execute a US$713mn plus costs arbitration judgment against the Venezuelan government after the latter rescinded the company's property rights at the Brisas gold deposit.