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Rusoro Mining Ltd V.RML

Alternate Symbol(s):  RMLFF

Rusoro Mining Ltd. is a Canada-based company, which is engaged in the operation, acquisition, exploration and development of gold mining and mineral properties. The Company is a gold producer and explorer, with a land position in the prolific Bolivar State mining region in southern Venezuela. It has gold reserves of approximately 5,584,000 ounces and inferred resources of over 6,805,000 ounces. The Company has two mines in production and ten exploration projects (including development and exploration around the mines) which range from early stage to advanced/development stage gold projects in Venezuela. The Company owns and operates the Choco Mill Facility and has a 95% ownership in the Choco 10 Mine. It holds a 50% ownership interest in the Isidora mine (the Isidora Mine). Its subsidiaries include Proyectos Mineros del Sur, PROMINSUR, C.A., Promotora Minera de Guayana, P.M.G., S.A., Corporacion Aurifera de El Callo, C.A., Corporacion Minera Choco 9 C.A., and Corporacion 80.000 C.A.


TSXV:RML - Post by User

Bullboard Posts
Post by misterz26on Aug 24, 2016 5:05pm
178 Views
Post# 25173670

Gold Reserve went for it, and it paid out

Gold Reserve went for it, and it paid out
Venezuela was under pressure to settle with Gold Reserve. International arbitration awards are enforceable under law, and if a government refuses to pay, a company can try to seize state-owned assets located outside the country. Gold Reserve was attempting to seize interest payments on Venezuelan debt last year, which were being routed through Luxembourg.
 
If Venezuela does not make its payments to Gold Reserve on time, the company can terminate the settlement agreement and try to enforce the arbitration award once again.
 
“Clearly, there is an element of this (settlement) which is a business transaction,” said Robert Wisner, a partner and international arbitration specialist at McMillan LLP.
 
“But there is obviously a part of it that was forced upon Venezuela by the fact that Gold Reserve had taken enforcement actions.”

https://business.financialpost.com/news/mining/gold-reserve-reaches-arbitration-settlement-with-venezuela-stock-soars
Bullboard Posts