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US court rules in favor of Rusoro Mining, upholds US$1.3B arbitration award

Rusoro Mining Ltd. said March 14 that the U.S. District Court for the District of Columbia ruled in favor of the company and upheld a US$1.3 billion arbitration award against the Venezuelan government.

The miner took the case to the U.S. to convert the award to a U.S. judgment that can be executed against Venezuela's assets. A World Bank tribunal granted the award to Rusoro in August 2016 after a ruling found that Venezuela had unlawfully expropriated Rusoro's mining operations in the country.

In 2016, the compensation awarded to Rusoro totaled US$967.8 million plus interest. The total sum, including interest, now exceeds US$1.3 billion, Rusoro said.

Venezuela has continued to refuse to pay the award and contested the U.S. proceedings, claiming the tribunal exceeded its authority in making the award. Rusoro said it prefers a "consensual resolution" to the dispute but will "take all measures available" to enforce the award, including the seizure of Venezuelan assets.

Rusoro is now allowed to enforce the award in over 140 countries. The company also secured a judgment in Canada and kicked off enforcement proceedings in England. Rusoro further said it would pursue enforcement against Venezuela in any other country where it has assets until the award is satisfied in full.