Tuesday, September 23, 2014

Real Reason Venezuela Repatriated its Gold

GGR Comment:  In our opinion an example of the real reason Venezuela repatriated its gold back to Caracas is the story below and many more like it that will be coming at them from the ICSID.   Chavez didn’t want his gold confiscated by an international tribunal to pay aggrieved companies,  after he expropriated these companies’ Venezuela assets and businesses. 

Gold Reserve says awarded $740.3 mln in Venezuela Brisas arbitration

(Reuters) - The International Centre for Settlement of Investment Disputes (ICSID) determined Venezuela must pay U.S.-based miner Gold Reserve $740.3 million for terminating its Las Brisas gold concession, the company said on Monday.

Socialist-run Venezuela in 2009 formally ended the concession in one of Latin America's largest gold deposits as part of a strategy to increase state control of key economic sectors.

Gold Reserve then sought $2.1 billion in damages at the World Bank's ICSID for what it deemed an expropriation.

"While the company is pleased with the award, it is less than the value of the Brisas project at today's gold and copper prices and Venezuela will substantially benefit from the development of the mine," the company said in a statement on its website.

For the full story:  Click here


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