Gold Reserve Inc., a Canadian mining company, has settled with Venezuela with respect to the 2008 seizure of its Las Brisas gold and copper concession in the country.
On 22 September 2014, an ICSID tribunal composed of Piero Bernardini, Pierre-Marie Dupuy and David A. R. Williams QC ordered Venezuela to pay Gold Reserve compensation for breach of the fair and equitable treatment standard in the Canada-Venezuela BIT. That award, including interest, is now worth almost US$770 million, a sum Venezuela has agreed to settle in full.
Over the past two years, Gold Reserve has sought enforcement of the award in Paris, London and Washington, D.C. It has agreed to cease those proceedings upon receipt of payment from Venezuela.
For the underlying award in Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1), click here.