Canadian Mining Journal

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AWARD: Rusoro wins more than US$1B from Venezuelan government


VANCOUVER – Rusoro Mining has been awarded more than US$1 billion from the government of Venezuela following the illegal expropriation of Rusoro’s assets in that country in 2011.

On Aug. 22, 2016, an arbitration tribunal operating under the additional facility rules of the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID) Rusoro damages of US$967.77 million plus pre- and post-award interest which currently equates to more than US$1.2 billion. The tribunal also ordered Venezuela to contribute a further US$3.3 million towards Rusoro’s legal costs. The award is immediately enforceable in any of the more than 150 countries that have signed the New York Convention of 1958.

At the time of the expropriation, Rusoro was operating two gold mine in Venezuela – the Choco 10 pit (95%) and the high grade Isidora underground mine (50% with the Venezuelan government). The company also had a development project underway and several other exploration projects.

Rusoro has expressed confidence that Venezuela will comply with the terms of the award and make prompt payment to the company. (www.Rusoro.com).