Has its executive offices in downtown Spokane
The Tribunal at the World Bank’s International Center for the Settlement of Investment Disputes, or ICSID, handed down the decision on Sept. 22. The three-member international tribunal heard the case in accordance with provisions of the Canada-Venezuela Bilateral Investment Treaty. Gold Reserve is incorporated in Canada but has its executive offices in downtown Spokane.
Gold Reserve’s primary business for more than 16 years has been the Brisas gold-and-copper project in the South American country.
The award represents $713 million for the fair market value of the project, $22.3 million for interest on the award since April 2008, and $5 million for reimbursement of legal and technical costs expended by Gold Reserve, the company says. Payment of the award is payable immediately, according to the decision, with unpaid amounts accruing interest at 2 percent annually.
Belanger says he and the company are happy about the decision after dealing with the case for so many years.
“It’s a very strong decision on the legal question, and the judge agreed with our case,” he says. “While it doesn’t reflect the full value of the Brisas Project, we feel vindicated by the decision and the ruling that Venezuela’s actions were egregious.”
Once the judgment has been collected, the company plans to distribute to shareholders a “substantial majority” of the proceeds, after paying for expenses from the court case.