Gold Reserve amends settlement agreement with Venezuelan government

Canadian mining firm Gold Reserve on 4 November 2016 agreed to reschedule the Venezuelan government's payment of US$770 million to the firm for a 2008 expropriation of its copper and gold mines. Under the new settlement agreement, the Venezuelan government must pay Gold Reserve US$300 million by 30 November 2016, US$470 million by 3 January 2017, US$50 million by 31 January 2017, US$100 million by February 2017, and US$90 million by June 2017 (Panorama). The parties also signed an agreement to create a joint venture to develop the gold and copper mines Las Brisas and Las Cristinas in southeastern Venezuela. The Venezuelan government will own 55 percent and Gold Reserve will own 45 percent of the joint venture, known as Siembra Minera S.A. (La Patilla).