Can a Small Mining Company Help Save Venezuela? (2/25/16)
by Nathan Crooks
Venezuela’s plan to get a $2 billion loan and a $2 billion investment in a mining joint venture involves a company whose market value has never exceeded $350 million. The government said on Wednesday that it resolved a longstanding dispute with Gold Reserve Inc., whose principal asset was an arbitration judgment against the South American country. A World Bank court ruled in 2014 that cash-strapped Venezuela had to pay $740 million to Gold Reserve for taking over its gold assets in the country. Now, President Nicolas Maduro says all is good, and his government will work to develop a project with the company in what he said was a $5 billion deal.
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