Advertise Here

Office Hours

Posts tagged: gold prices

Spokane gold mining firm goes toe to toe with the Bolivarian Republic

Spokane mining company, Gold Reserve, Inc., is going after the gold. Literally.

The Spokane company — which admittedly has one classic business name, and also one of the dullest — announced on Tuesday it’s going after the Bolivarian Republic of Venezuela over an unresolved mining dispute connected to its Brisas copper/gold mine in South America.

The Bolivarian Republic is one of the states of Venezuela. The Spokane company says it’s spent huge amounts to develop the project and now is denied permits to operate.

The estimated damages Gold Reserve is after: $1.9 billion, according to a press release.

The announcement said GRZ (its symbol on the AMEX exchange) has filed an arbitration claim with the World Bank, seeking resolution and compensation for alleged violations of its mining rights and claims in “the world-class Brisas gold/copper project and the promising Choco 5 gold property.”

To see a news summary of the key part of the dispute, this link can provide an overview.

Gold Reserve believes the Venezuelan government has violated various trade agreements.

On the other side of the argument, Venezuelan President Hugo Chavez has instructed the Ministry of Basic Industry and Mines to create a national mining company, which will allow the state to regulate the industry together with small and medium mining companies that are legally established. In previous statements, Chavez has blasted mining companies for exploiting his country’s mineral reserves and paying very little in taxes.

Gold Reserve has offices in downtown Spokane. For more information, read the continuation of this post, below.rve Inc. 
 926 W Sprague Ave 
 Suite 200 
Gold Reserve Inc. 
 926 W Sprague Ave 
 Suite 200 
 Spokane, WA 992

 Spokane, WA 99201


Get blog updates by email

About this blog

The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

Sign up for our business email newsletter
Latest comments »

Read all the posts from recent conversations on Office Hours.


John Stucke John Stucke is a deputy city editor who helps build local news coverage and writes about health care, bankruptcy and rural affairs.

Recent work by John

Alison Boggs Online Producer Alison Boggs posts and manages content on and its social networking accounts.

Recent work by Alison

Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

Search this blog
Subscribe to this blog
Advertise Here