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  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Makes 2nd Gold Reserve Payment over Expropriation
Gold Reserve reports that it has received the second installment payment of $29.5 million pursuant to the terms of the Settlement Agreement between the Company and the Bolivarian Republic of Venezuela.

SPOKANE, WASHINGTON -- Gold Reserve Inc,, owed $800 million by Venezuela after a World Bank arbitration panel decision on an expropriation, has received a second installment of $29.5 million from Venezuela.

"The Company also reported today that it has received the second installment payment of $29.5 million pursuant to the terms of the Settlement Agreement between the Company and the Bolivarian Republic of Venezuela," Gold Reserve says.

The installment due on the 10th of every month brings to $69.5 million the amount that Gold Reserve has received.

Under the terms of this 3rd Amended Settlement Agreement, Venezuela agreed to pay Gold Reserve $1,037 million, comprised of approximately $797 million to satisfy the arbitral ICSID Award and $240 million for the Company’s technical mining data related to the Brisas property.

Gold Reserve received the initial installment of $40 million under the 3rd Settlement Agreement around June 16 and is scheduled to receive 20 monthly payments of US $29.5 million and three monthly payments of US $40.8 million on or before the 10th day of each month starting on July 10, 2017, totalling approximately US $712 million.

The final payment of US $285 million is scheduled to be paid on or before June 10, 2019.

"In addition, Venezuela will place Venezuelan financial instruments with a face value of US $350 million in trust as collateral for the future payments," said Gold Reserve announcing the deal last month.

"Gold Reserve will refrain from enforcing the Award as long as Venezuela is current in its obligations to the Company. In addition, Venezuela has agreed to permanently withdraw all legal proceedings seeking annulment," the company concluded.

Brisas Cristinas Gold Copper Project

Gold Reserve also gave an update on current and ongoing activities in Venezuela on the Brisas Cristinas Gold Copper Project which is held by Empresa Mixta Ecosocialista Siembra Minera, S. A. (“Siembra Minera”) which is owned 55% by Corporacion Venezolana de Mineria, S. A., a state-owned entity, and 45% by GR Mining (Barbados) Inc., a subsidiary of Gold Reserve.

Current and ongoing activities related to Brisas Cristinas Project:

  • Meetings have been held with the Ministry of Environment (MINEA) to "fast track" permitting as established in the Mining Arch Decree. Siembra Minera expects to receive initial permits in the immediate future and thereafter break ground to execute the Early-Works construction program with contractors mobilizing to the site shortly. Early work activities include site clearing, road work excavation and building, development of sediment control structures, and excavation for (1) overland conveyor corridor, (2) powerline corridor, (3) process plant and man-camp areas, (4) tailings dam, (5) opening of the rock quarry and (6) drainage of pit areas.
  • The initiative to fast track saprolite production has been well received by MINEA as it should have a positive impact in remediating the area after 50 plus years of artisanal mining. Testing and saprolite process mill design is expected to commence shortly.
  • Siembra Minera’s team of consulting experts are scheduled to visit the project area this week to conduct initial assessments and implementation of long-term small miner, indigenous and public community consultations on the project. In addition, the consultants will be accompanied by personnel from the Ministry of the Popular Power for Ecological Mining Development, Mission Piar, and MINEA.
  • Siembra Minera is also working with the local communities on developing a strategy to contain and eventually eradicate the current malaria epidemic.

ICSID - Gold Reserve v Venezuela - Award Judgment - 22 September 2014 by Latin American Herald Tribune on Scribd

Gold Reserve v Venezuela - US Federal Court - Opinion Granting Enforcement of ICSID Award - 20 November 201... by Latin American Herald Tribune on Scribd

Gold Reserve v Venezuela - Paris Court of Appeal - Upholding ICSID Judgment Against Venezuela - 7 Feb 2017 by Latin American Herald Tribune on Scribd

Gold Reserve v Venezuela - Queens Bench - Decision Confirming Recognition of ICSID Award - 2 Feb 2016 by Latin American Herald Tribune on Scribd


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