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The Choco mine that Rusoro operated before it was expropriated by the Venezuelan government five years ago.  (Photo: Rusoro Mining)
Monday, August 29, 2016
Legal Briefs

Venezuela: Rusoro Wins Arbitration Case


Canadian miner wins ICSID award of $1.2 billion against Venezuela.

BY LATINVEX STAFF

Canada-based Rusoro Mining has won a $1.2 billion award against Venezuela at The World Bank's International Centre for the Settlement of Investment Disputes (ICSID).

Venezuela is considering possible post-award remedies, its lawyer says.

Freshfields Bruckhaus Deringer represented Rusoro, while Foley Hoag advised Venezuela.

"We are pleased that the tribunal has recognized Venezuela's breaches of Rusoro's rights in connection with its investments in the Venezuelan mining sector,” Andre Agapov, President and CEO of Rusoro, said in a statement announcing the ruling.

In its award, the ICSID Tribunal upheld Rusoro's claims that Venezuela breached its obligations under the BIT by expropriating Rusoro's investments without paying compensation and by imposing certain restrictions on the export of gold.

"Venezuela believes ...

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Keywords: Calunius Capital, Canada, Crystallex, ICSID, Foley Hoag, Freshfields, Mining, Rusoro, Vanessa Ventures, Venezuela

 

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