Rusoro searching for banking solution for Venezuela payments
TSX-V-listed gold junior Rusoro confirmed on Tuesday that a portion of the initial $100-million payment from Venezuela in terms of the October settlement agreement had been sent, but said that its Canadian bank refused to advance the funds.
The bank is reportedly concerned about US sanctions and the impact of facilitating the payment to Rusoro will have on its US subsidiary.
Rusoro said that it was working with the international banking community to find a process of enabling the receipt of the $100-million payment in the near future.
In October, the company announced the signing of a settlement agreement in which Venezuela agreed to pay Rusoro more than $1.28-billion for full release of the arbitral award issued in favour of the company in August 2016.
Rusoro pursued international arbitration against Venezuela, after the South American nation’s government expropriated its assets without compensation in 2011.
The former foes have also agreed to consider a partnership to restart the Choco 10 and San Rafael-El Placer operations. Rusoro and Venezuela will constitute a mixed commission to evaluate the status of the projects and to determine if the parties should proceed with a joint venture.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation