Aug 23 (Reuters) - Rusoro Mining Ltd, a small Canadian gold miner, said on Tuesday it was awarded more than $1.2 billion in damages as a World Bank tribunal ruled that Venezuela had unlawfully seized the company’s gold mine.
The company, which had a market value of C$82.6 million ($64 million) as of Monday's close, had in March 2013 filed a statement of claim against Venezuela and was seeking $3.03 billion in compensation over the nationalization of its gold assets in the South American country. (reut.rs/2bCOhWa)
Venezuela had unlawfully expropriated Rusoro’s investments without paying compensation, according to a ruling on Monday by the Arbitration Tribunal operating under the World Bank’s International Centre for the Settlement of Investment Disputes.
The tribunal ordered Venezuela to pay Rusoro $967.77 million in damages as of the expropriation date of September 2011, plus the interest due till the payment date, along with $3.3 million towards the company’s arbitration costs, Rusoro said.
The Vancouver-based company, backed by Russia’s Agapov family, had assets of $46,728 as of June 30, including $41,846 in cash.
Venezuela’s mining ministry could not be immediately reached for comment. ($1 = C$1.29) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D‘Souza)