Followers | 240 |
Posts | 12053 |
Boards Moderated | 0 |
Alias Born | 04/05/2009 |
Thursday, February 25, 2016 11:46:14 AM
Gold Reserves to invest $2 billion in Venezuelan mining JV
Agreement includes $2 billion loan for Venezuelan government
Venezuela’s government said it resolved a dispute with Gold Reserve Inc., paving the way for $2 billion of investment by the Spokane, Washington-based company in a mining joint venture.
The deal also includes a $2 billion loan to Venezuela, Oil Minister Eulogio Del Pino said at an event broadcast on state television Wednesday. Gold Reserve President Doug Belanger was at the event. Phone calls to the company were not returned this morning.
A World Bank arbitration court ruled in 2014 that Venezuela must pay $740 million to Gold Reserve for its seizure of the Brisas gold and copper project in 2008. Venezuela didn’t specify how it would pay Gold Reserve to resolve the case.
“From a lawsuit, we are now partners in a win-win situation to develop a project worth more than $5 billion,” President Nicolas Maduro said.
The agreement is good news for investors who hold Venezuelan bonds, said Risa Grais-Targow, a director at Eurasia Group, in a phone interview from Washington.
“Bondholders have had concerns that these arbitration rulings could be the accident that leads to a default this year,” said Grais-Targow. “It is positive news for bondholders because it eliminates that particular risk of surprise.”
Skepticism
Gold Reserve acquired and began developing the Brisas mine in 1992, according to its website.
“I’m skeptical this will necessarily generate cash flow for the government in the near term and doubtful we’ll see money or a big loan materializing from this in the near term,” said Grais-Targow, referring to Gold Reserve.
Former Venezuelan President Hugo Chavez nationalized assets in Venezuela’s energy and mining industries to increase state control over the economy before he died in 2013.
Gold Reserve in November said the World Bank court rejected Venezuela’s request to dismiss its lawsuit, confirming the award, which had grown to $760 million.
The company will certify two blocks for gold and other minerals as part of the agreement, according to the broadcast on state television.
http://www.bloomberg.com/news/articles/2016-02-25/venezuela-says-gold-reserve-accord-paves-way-to-investment
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent GDRZF News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/09/2024 06:25:38 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/07/2024 06:14:24 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/06/2024 06:36:20 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 02/27/2024 06:48:40 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/13/2024 09:28:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/09/2024 06:27:11 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/05/2024 09:57:18 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/19/2023 09:28:43 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/18/2023 10:24:47 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/29/2023 07:19:32 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 08:59:49 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 07:23:22 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/20/2023 08:23:48 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 11/17/2023 09:15:31 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/16/2023 09:45:38 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/27/2023 05:29:13 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/17/2023 03:48:41 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/28/2023 04:22:57 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 07/27/2023 08:16:28 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 07/27/2023 05:58:46 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/11/2023 08:07:50 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM