Canadian company awarded $1 billion in action against Venezuela for taking a gold mine

The Globe and Mail:
An international arbitration tribunal has ordered Venezuela to pay a Vancouver-based mining company more than $1.2-billion for expropriating its gold mines.

Venezuela took over Rusoro Mining’s investments in the country as part of a nationalization of the gold industry in 2011.

Rusoro Mining Ltd. said Tuesday the money is due immediately and it expects that Venezuela will comply with its international obligations.

Company director Gordon Keep said Rusoro Mining was pleased with the decision and looked forward to talking with the Venezuelan government.

“I’m quite certain there will be a conversation,” he said. “Whether or not it will be a short or a long one, I have no idea.”

Shares in the company more than doubled in trading Tuesday and ended the day up 19 cents at 34.5 cents on the TSX Venture Exchange.

However, Rusoro Mining will face challenges in getting paid as Venezuela withdrew from the World Bank-affiliated arbitration body in 2012. It also isn’t the only Canadian mining company looking to collect a large award by the arbitration panel from Venezuela.

Crystallex International Corp., which has been operating under the federal Companies’ Creditors Arrangement Act since December 2011, was awarded $1.2-billion in damages plus interest earlier this year in connection with unfair treatment and expropriation of its Las Cristinas mining project in Venezuela.
...
Venezuela is something of a deadbeat now.  Its theft of properties owned by others and failure to compensate them has led to several such awards.  Venezuela is a socialist country that has run out of other people's money.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t...
Read more

Is the F-35 obsolete?

Headline USA: Pentagon Fires Back after Musk Calls Its Most Expensive Project ‘Obsolete’ 'Yeah, as I'm sure you can appreciate, Mr. Musk is, currently, a private citizen, I'm not going to make any comments about what a private citizen may have to say about the F-35....'   ... ... Drones appear to be replacing jets for many operations.  The Russia-Ukraine war is an example of that.  Drones are often hard to detect and can be used for intelligence operations as well as for attacking enemy targets.  It would not surprise me to see drones engaging other drones in combat.  They also cost much less than manned fighters.  
Read more