ANNOUNCEMENT 10 Nov 2012

In November 2012, the government of Venezuela announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Bloomberg Businessweek, 11 April 2014: http://www.businessweek.com/news/2014-04-11/anglo-american-files-for-arbitration-over-venezuela-concession

Bloomberg, 9 November 2012: http://www.bloomberg.com/news/2012-11-09/venezuela-to-take-over-anglo-american-nickel-concession-1-.html

El Universal, 12 November 2012 (in Spanish): http://tiempolibre.eluniversal.com/economia/121112/el-estado-asumio-el-control-de-la-mina-loma-de-niquel

mining.com, 14 April 2014: http://www.mining.com/anglo-american-seeks-600-million-compensation-from-venezuela-79932/

Latin American Herald Tribune: http://www.laht.com/article.asp?ArticleId=1936532&CategoryId=10718


Inception date: 10 Nov 2012 | Removal date: open ended

FDI: Treatment and operations, nes

On 10 November 2012, the concessions and permits for the London-based company Minera Loma de Niquel belonging to Anglo American Plc expired and won't be renewed. Instead, the government will take control over the site under its state-owned oil and gas company.
 
In 2014, Anglo American started to seek compensation and stated that "'it' considers that certain measures taken by the Government of Venezuela in relation to the Company's investment in Loma, including the expropriation of Loma's assets without prompt, adequate and effective compensation, constitute breaches by Venezuela of its obligations under the Treaty,'

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A