https://www.miningweekly.com
Gold|Mining|Projects|Operations
Gold|Mining|Projects|Operations
gold|mining|projects|operations

Rusoro expects first $100m from Venezuela next month

22nd October 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Gold junior Rusoro Mining is expecting the first $100-million of its $1.28-billion settlement with the Venezuela government in November, the TSX-V-listed miner reported on Friday, announcing the execution of its previously announced settlement.

In terms of the agreement, Rusoro will suspend legal enforcement of the award upon the completion of the initial payment and the company will deliver its mining data to Venezuela.

Venezuela has agreed to pay the balance of the amounts due under the settlement agreement in monthly instalments over five years, starting in January 2019, Rusoro said in a news release.

Rusoro pursued international arbitration against Venezuela, after the South American nation’s government expropriated its assets without compensation in 2011.

The former foes have agreed to consider a partnership to restart the Choco 10 and San Rafael-El Placer operations. Rusoro and Venezuela will constitute a mixed commission to evaluate the status of the projects and to determine if the parties should proceed with a joint venture.

"The signing of this agreement represents a significant milestone in our continued relationship with Venezuela and we are excited for the company and its shareholders to begin this new chapter," commented Rusoro chairperson Vladimir Agapov.

Shares in Rusoro jumped 23% to C$0.055 apiece on Friday.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.116 0.148s - 109pq - 2rq
Subscribe Now