Canadian miner Rusoro awarded over $1 bln in Venezuela lawsuit

Rusoro Mining

23/08/2016 14:31

Aug 23 (Reuters) - Rusoro Mining Ltd  RML.V , a small 
Canadian gold miner, said on Tuesday it was awarded more than 
$1.2 billion in damages as a World Bank tribunal ruled that 
Venezuela had unlawfully seized the company's gold mine. 
    The company, which had a market value of C$82.6 million ($64 
million) as of Monday's close, had in March 2013 filed a 
statement of claim against Venezuela and was seeking $3.03 
billion in compensation over the nationalization of its gold 
assets in the South American country. (http://reut.rs/2bCOhWa) 
    Venezuela had unlawfully expropriated Rusoro's investments 
without paying compensation, according to a ruling on Monday by 
the Arbitration Tribunal operating under the World Bank's 
International Centre for the Settlement of Investment Disputes. 
 urn:newsml:reuters.com:*:nCNWtKsm8a 
    The tribunal ordered Venezuela to pay Rusoro $967.77 million 
in damages as of the expropriation date of September 2011, plus 
the interest due till the payment date, along with $3.3 million 
towards the company's arbitration costs, Rusoro said. 
    The Vancouver-based company, backed by Russia's Agapov 
family, had assets of $46,728 as of June 30, including $41,846 
in cash. 
    Venezuela's mining ministry could not be immediately reached 
for comment. 
 ($1 = C$1.29) 
 
 (Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio 
D'Souza) 
 ((AnetJosline.Pinto@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 99 1694 7070; Reuters Messaging: 
AnetJosline.Pinto.thomsonreuters.com@reuters.net)) 
 
Keywords: RUSORO MINING LAWSUIT/