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Rusoro provides update on initial payment from Bolivarian Republic of Venezuela

Published by
Global Mining Review,

Rusoro Mining Ltd. has provided an update on the status of the initial US$100 million payment from the Bolivarian Republic of Venezuela.

A portion of the funds were sent by Venezuela and received by a Canadian bank representing Rusoro. The bank refused to advance the funds to Rusoro due to concerns about the US sanctions and the effect facilitating the payment may have on their US subsidiary. The company continues to work with the global banking community and is optimistic it will be able to find a satisfactory process to enable the receipt of the US$100 million payment in the near future and also future payments as they become due.

In October 2018, the company announced the signing of a settlement agreement in which Venezuela agreed to pay Rusoro over US$1.28 billion 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 and to acquire the company's mining data.

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