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On October 26, 2009, the Venezuelan authorities seized the Brisas gold project operated by the Canadian mining company Gold Reserve. This decision is the consequence of the decision taken on May 25, 2009 not to extend the mining concession granted to Gold Reserve (Resolution DM/No050-2009, Ministry of Popular Power for Basic and Mining Industries). The facilities were transferred to the state-owned company CVG Minerven.
This action occurred few days after Gold Reserve decided to call for international arbitration over the decision not to issue new permits for the development of the project.
Gold Reserve protested against the Venezuelian takeover and seeks for USD 2.1 billion compensation.
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