BRITISH COLUMBIA

Rusoro Mining files US$3.03-billion arbitration claim against Venezuela

03/21/2013 05:13 EDT | Updated 05/21/2013 05:12 EDT
VANCOUVER - Rusoro Mining Ltd. (TSXV:RML) has filed a US$3.03-billion claim against Venezuela at the World Bank's International Centre for Settlement of Investment Disputes.

The mining company alleges Venezuela broke treaty protections by taking over Rusoro's investments in the country 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," Rusoro president and chief executive Andre Agapov said in a statement.

In 2011, Venezuela's supreme court approved a decree that gave the government exclusive rights for the extraction of gold in that country.

Rusoro attempted for several months to negotiate an amicable resolution with the Venezuelan government, but failed to reach an agreement.