ANNOUNCEMENT 26 Oct 2009In October 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Resolution DM/No050-2009 (May 25, 2009) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.186, Martes 26 de Mayo de 2009): http://www.tsj.gov.ve/gaceta/mayo/260509/260509-39186-10.html (pages 369.296 to 369.297)
El Universal: http://www.eluniversal.com/2010/09/28/eco_ava_gold-reserve-exige-a_28A4532731.shtml
Gold Reserve Press Release: http://www.goldreserveinc.com/documents/nr%2012-16.pdf
Mining Weekly: http://www.miningweekly.com/article/gold-reserve-says-venezuela-assumed-control-of-brisas-property-2009-10-27
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.