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Rusoro gets $1.28B (U.S.) Venezuelan settlement offer
RUSORO MINING Ltd. has agreed on the terms of a settlement proposal with the Bolivarian Republic of Venezuela by which Venezuela agrees to pay Rusoro over $1.28-billion (U.S.) to acquire the company’s mining data and for full release of the arbitral award issued in favour of the company in August, 2016, by a tribunal constituted pursuant to the additional facility of the International Centre for Settlement of Investment Disputes. In addition, it is
contemplated that the parties will constitute a mixed commission to assess the current status of Rusoro’s Choco 10 and San Rafael-El Placer former projects and on the basis of such assessments may by the end of January, 2019, partner to exploit those projects. Rusoro expects to sign the formal settlement agreement shortly after completion of the schedules to the settlement agreement. “We are very pleased that we have agreed on terms of a settlement with Venezuela,” commented Vladimir Agapov, chairman of Rusoro. “We look forward to the execution of the settlement agreement and towards our continued relationship with Venezuela in assessing two of Rusoro’s former gold projects regarding a potential partnership to restart production of the Choco 10 and San Rafael-El Placer mines.”
We seek Safe Harbor.
Andre Vladimir Agapov, Vladimir Pavlovich Agapov, Peter Hediger, Jay M Kaplowitz, Gordon Bruce Keep, Abraham Stein, Dmitry Ushakov
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