June 16, 2017 / 7:44 PM / a year ago

Gold Reserve gets $40 mln of $1.03 bln settlement deal with Venezuela

June 16 (Reuters) - Gold Reserve Inc said on Friday it received $40 million from the government of Venezuela as part of a $1.03 billion settlement arbitrated by the World Bank for the termination of its Las Brisas gold concession in 2009.

Venezuela will pay the balance in installments over the next two years as part of an amended Settlement Agreement, the Canadian miner said.

The company said the settlement also includes the price agreed for the mining data related to the Brisas, one of the largest gold mines in Venezuela and in the world.

The miner, in August last year, had said Venezuela agreed to acquire the company’s mining data for $240 million as part of a joint venture to exploit the Brisas mine. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)

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