|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Venezuela (Click here for more Venezuela news)

Venezuela Makes 5th Payment to Gold Reserve on $1 Billion Expropriation Settlement

SPOKANE, WASHINGTON -- Gold Reserve Inc. (TSX.V: GRZ) (OTCQX: GDRZF) has announced that it has received the fifth scheduled payment from Venezuela in their $1 billion expropriation settlement.

"The Company is also pleased to announce that it has received the October payment of US$29.5 million pursuant to the Settlement Agreement," Gold Reserve said this morning.

Gold Reserve has now received $158 million on the settlement for $1.037 billion.

Under the terms of the Settlement Agreement, Venezuela agreed to pay Gold Reserve a total of approximately US $1,037 million, comprised of approximately US $797 million to satisfy the arbitral ICSID Award granted in favor of the Company and US $240 million for the Company’s technical mining data related to the Brisas property.

Gold Reserve 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 10 of each month, 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 placed Venezuelan financial instruments with a face value of US $350 million in trust as collateral for the future payments.

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.

Gold Reserve also provided an update on activities in Venezuela with respect to the Siembra Minera gold/copper/silver project (owned 45% by the Company and 55% by the Bolivarian Republic of Venezuela).

"Siembra Minera and its technical consultants are currently working to complete a Preliminary Economic Assessment (“PEA”) in accordance with National Instrument 43-101, which is expected to be finalized in early November. This study will include an up to date resource estimate, a mine plan including gold, copper and silver production, estimated capital and operating costs, and overall project schedule."

"The 43-101 report will detail the large 140,000 tonnes per day Siembra Minera project and will now also include the smaller fast track 15,000 tonnes per day saprolite project. The saprolite project tailings dam site selection and preliminary design work are complete with preliminary engineering of the saprolite plant nearing completion."

Siembra Minera has also been working with its environmental consultants on the International Environmental and Social Impact Statement which will be prepared in accordance with the World Bank’s Equator Principles. Proposals are currently being evaluated for a drilling program expected to commence in early in 2018 that will support the overall project development activities, water management wells, and test areas where additional resource potential is evident. Siembra Minera has also now established local management offices in Caracas and Puerto Ordaz.

As part of the development process, the Company also reports that the Siembra Minera project has received two important permits to advance the mining projects.

Recently, the Ministerio del Poder Popular para Ecosocialismo y Aguas (“MINEA” - Ministry of the Environment) issued the Permit to Occupy. This permit allows Siembra Minera to proceed to file its request for the Permit to Affect, which, when issued, will allow early works construction activities.

To support the early works, the Bolivar State Mining Authority, Instituto Autónomo Minas Bolívar (“IAMIB”) has approved the issuance of a non-metallic mineral concession for the development of an aggregate quarry for the project. This permit will allow the mining of aggregate needed for roads, airstrip, initial rock base for the construction of the tailing dam and the production of concrete for overall construction of the projects.


Doug Belanger, President, stated, “The progress on the project continues and the prompt receipt of the first permits is a big step forward in the development of the project in a timely fashion.”

Gold Reserve held its annual shareholder meeting on August 29, 2017. The Company reported second quarter 2017 after-tax profit of US$56.3 million (US$0.55 per share) versus a US$4.6 million loss (US$0.06 per share) for the first six months of 2016. Revenues were US$99.0 million versus no revenues in the same period of 2016.



Venezuela - Brisas Gold Mine - Gold Reserve - Technical & Feasibility Report - 30 Oct 2006 by Latin American Herald Tribune on Scribd


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


 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved