IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 26 Oct 2009 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

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.

AFFECTED COUNTRIES

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