ANNOUNCEMENT 23 Aug 2011In August 2011, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Decree No 8.143 (August 23, 2011) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.759, Viernes 16 de Septiembre de 2011): http://www.tsj.gov.ve/gaceta/Septiembre/1692011/1692011-3206.pdf
Mining Weekly: http://www.miningweekly.com/article/rusoro-secures-funding-for-venezuela-nationalisation-arbitration-2012-06-18
On August 23, 2011, the Venezuelan President Hugo Chavez introduced a regulation (Decree No 8.413) on the nationalisation and expropriation, without compensation, of assets and mining concessions owned by Rusoro, a Russian-Canadian mining company. This decree made the Venezuelan state 'the sole and exclusive employer for the workers and employees who provide services for the operations of the mining concessions'.
Rusoro announced on July 18, 2012 that it would bring the case to the International Centre for the Settlement of Investment Disputes (ICSID). The mining firm seeks USD 3.03 billion in compensation.