Vancouver-based Rusoro Mining Ltd. (TSX-V:RML) has filed a US$3.03 billion claim against Venezuela at the World Bank’s International Centre of Settlement of Investment Disputes (ICSID), the company announced March 21.
Rusoro alleges that the South American country broke Canada-Venezuela bilateral investment treaty when it appropriated Rusoro assets without compensation.
“The filing of the statement of claim represents a significant milestone in the arbitration process, and we firmly believe in our case and the pursuit of fair-value compensation for the loss of our significant investment in Venezuela,” said Rusoro CEO Andre Agapov.
Rusoro’s grievance with Venezuela started in August 2011, when the late Venezuelan president Hugo Chavez started nationalizing the country’s gold production.
Rusoro owned two mines and an estimated 12.8 million troy ounces of gold reserves in Venezuela, making it the largest single gold mining company in the country.
