Gold Reserve Inc. reported it has entered an amendment to the settlement agreement with the Bolivarian Republic of Venezuela. Under the terms of the amended settlement agreement, Venezuela will pay Gold Reserve a total of US$1.032 billion as result of negotiations of the parties to satisfy the arbitral award granted in favor of the company by the International Centre for Settlement Investment Disputes, including the price agreed for the mining data related to the Brisas property.
Venezuela has paid Gold Reserve an initial installment of US$40 million and will pay the balance of the amount owed in installments over the next two years. Venezuela’s obligations will be partially collateralized with Venezuelan sovereign debt.
The company and its Venezuela counterparts also ratified their commitment to move forward toward the future development and creation of the joint venture named Empresa Mixta Ecosocialista Siembra Minera S.A., and continue to strengthen the Venezuelan productive economy.