Posts tagged: Gold Reserve Inc.
Spokane-based Gold Reserve Inc. has said it’s appealing plans by the New York Stock Exchange to delist its stock.
The Canadian mining company, registered in the
Gold Reserve President A. Douglas Belanger said the appeal will emphasize continuing plans by the company to open new operations, at the same time it continues arbitration over the seized mine with the World Bank’s center for investment disputes.
Gold Reserve still trades on the
The Venezuelan national guard seized the company’s Brisas mine in October 2009. Gold Reserve has filed a $1.9 billion claim against
A final hearing is scheduled with the court in February 2012. A decision could take months after that hearing, however.
The company has said that the copper assets in the Brisas mine are roughly $4 billion. It holds about $25 billion worth of gold, according to Gold Reserve officials.
No ore has been mined yet by either Gold Reserve or the Venezuelan government at Brisas, Belanger said.
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.
Shares of Spokane-based Gold Reserve Inc. soared Monday on news of a partnership between another mining company with claims in Venezuela and China Railway Resources Co. Ltd.
The stock price jumped almost 18 cents to 90 cents, a 24 percent gain for the day. Volume, at 1.7 million shares, was more than 13 times average.
Gold Reserve owns the Brisas deposit in Venezuela, but the prospective mine with 11 million ounces of gold and 1.4 million pounds of copper was expropriated in October 2009 by the government of President Hugo Chavez.