It's taken six years and over US$20 million in legal costs, but Gold Reserve (TSXV: GRZ) has won US$740.3 million in compensation for the expropriation of its Brisas gold project by the Venezuelan government – one of the largest international arbitration awards ever granted to a mining company in a treaty case.
While the award was only 44% of what the company had been seeking – US$1.73 billion – Gold Reserve president Doug Belanger says the judgment is a “stunning victory” for the company.
“We believe that the value of the deposit is a lot greater today to Venezuela than what we got (awarded), but having said that, $740 million is a lot of money and I think it’s in the top five awards that have been granted in ICSID history,” Belanger says.
Read the complete article a NorthernMiner.com/news/gold-reserve
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