The World Bank’s International Centre for Settlement of Investment Disputes has ordered the Republic of Venezuela to pay $740.3 million for taking over a U.S. company’s gold and copper mine. The winner of the award, Spokane, Wash.-based Gold Reserve Inc., is trumpeting the award and congratulating its lawyers at White & Case, even as it admits that it wanted a lot more money.
Gold Reserve announced the outcome in a press release on Monday. The ICSID opinion justifying the award isn’t public, but the company said it would post the decision online this week. According to Gold Reserve, $713 million of the award is intended to reflect the fair market value of the mine, known as the Brisas Project. The company also received $22.3 million in interest and $5 million in attorney fees and costs.
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