Venezuela ends mining dispute, starts joint venture
Posted February 25, 2016 6:00 am
CARACAS, Venezuela (AP) - Venezuela has ended a years-long dispute with the Canadian mining company Gold Reserve, and will be embarking on a joint venture with it.
Gold Reserve invested millions in a gold concession in Venezuela, but the socialist administration later revoked its mining permit. The company took the case to international arbiters in 2009.
Oil Minister Eulogio del Pino said Wednesday that the deal will settle the case, and also bring the economically struggling country $2 billion in loans.
The government will work with Gold Reserve to jointly operate two mines.
Several other international companies are still seeking compensation for projects expropriated and halted by the administration in recent years.
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