Gold Reserve gets $40m of $1.03bn settlement deal with Venezuela

Gold Reserve gets $40m of $1.03bn settlement deal with Venezuela
16th June 2017
By: Reuters

BENGALURU – Gold Reserve said on Friday it received $40-million from the
government of Venezuela as part of a $1.03-billion settlement arbitrated
by the World Bank for the termination of its Las Brisas gold concession
in 2009.

Venezuela will pay the balance in installments over the next two years
as part of an amended Settlement Agreement, the Canadian miner said.

The company said the settlement also includes the price agreed for the
mining data related to the Brisas, one of the largest gold mines in
Venezuela and in the world.

The miner, in August last year, had said Venezuela agreed to acquire the
company's mining data for $240-million as part of a joint venture to
exploit the Brisas mine.

http://www.miningweekly.com/article/gold-reserve-gets-40m-of-103bn-settlement-deal-with-venezuela-2017-06-16