Rusoro Mining Ltd. and Venezuela agreed on terms of a US$1.28 billion settlement over the acquisition of the company's mining data and for the release of an arbitral award.

The Toronto-listed company's shares were up more than 80% in midafternoon trading.

In 2016, a World Bank tribunal issued the company an arbitration award in connection with Venezuela's expropriation of the company's gold mining properties in the country.

The company in May filed new lawsuits in the U.S. and Canada seeking enforcement of the arbitration award.

Rusoro said Oct. 11 that under the proposed settlement, the parties will form a commission to assess the status of Rusoro's former Choco 10 and San Rafael-El Placer projects. Based on the outcome of the review, the parties may partner in January 2019 to exploit the projects.