ANNOUNCEMENT 10 Nov 2012In November 2012, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
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
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,'