Rusoro Mining Limited v. Bolivarian Republic of Venezuela
International Centre for Settlement of Investment Disputes
ICSID Case No. ARB(AF)/12/5 (August 22, 2016)
- Written by David Bloom, JD
Facts
Rusoro Mining Limited (Rusoro) (plaintiff), a Canadian company, acquired the contractual rights to conduct gold-exploration and mining operations in Venezuela. Between 2006 and 2008, the Bolivarian Republic of Venezuela (Venezuelan government) (defendant) placed restrictions on gold exploration. In 2011, the Venezuelan government nationalized the entire gold-mining industry in that country. In 2012, Rusoro initiated arbitration proceedings seeking billions of dollars in compensation as a result of the Venezuelan government’s allegedly unlawful confiscation of Rusoro’s investment in Venezuela. Rusoro claimed that the Venezuelan government violated Rusoro’s bilateral-investment treaty with Canada. The Venezuelan government asserted counterclaims against Rusoro.
Rule of Law
Issue
Holding and Reasoning (Simma, J.)
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