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Rusoro Mining reaches settlement with Venezuela

Published by , Editor
Global Mining Review,

Rusoro Mining Ltd. has agreed on the terms of a settlement proposal with Venezuela by which Venezuela will pay Rusoro over US$1.28 billion to acquire the company's mining data and for full release of the arbitral award issued in favour of the company in August 2016 by a tribunal constituted pursuant to the Additional Facility of the International Centre for Settlement of Investment Disputes.

In addition, it is contemplated that the parties will constitute a Mixed Commission to assess the current status of Rusoro's Choco 10 and San Rafael - El Placer former projects and on the basis of such assessments may by the end of January 2019 partner to exploit those projects. Rusoro expects to sign the formal settlement agreement shortly after completion of the schedules to the Settlement Agreement.

"We are very pleased that we have agreed on terms of a settlement with Venezuela," commented Vladimir Agapov, Chairman of Rusoro. "We look forward to the execution of the Settlement Agreement and towards our continued relationship with Venezuela in assessing two of Rusoro's former gold projects regarding a potential partnership to restart production of the Choco 10 and San Rafael -- El Placer mines."

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