ESPACIO PUBLICITARIO
CARACAS, Friday January 18, 2013 | Update
 
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ECONOMY

International court rules in favor of Venezuela over gold mines

The International Centre for Settlement of Investment Disputes (Icsid) ruled that Venezuela did not breach contractual rights

In 2011 Venezuela nationalized the gold business (File photo)
EL UNIVERSAL
Friday January 18, 2013  01:02 PM
The Venezuelan Solicitor General's Office issued a communiqué on Thursday reporting that the International Centre for Settlement of Investment Disputes (Icsid) dismissed a claim filed by Canadian mining company Vannessa Ventures against Venezuela over an agreement to develop gold and copper deposits at Las Cristinas mines, south Venezuela.

In the ruling, the arbitration court stated that Venezuela did not breach the Venezuela-Canada bilateral agreement and concluded that Venezuela's decision to terminate the agreement and take over control of Las Cristinas mine is by no means an expropriation.

According to the official communiqué, the top court established that the relevant investment was pursuant to the contract entered into by Venezuelan and Canada. Hence, Venezuela, complied with the provisions on standard fair and equitable treatment set forth in the bilateral agreement for the Promotion and Protection of Investments.

In the claim, Vannessa Ventures sought compensation for USD 1 billion from the Venezuelan government.

Translated by Jhean Cabrera
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What goes out of the La Yaguara industrial park

María Fernanda Astudillo is a store analyst for Alimentos Polar working at the company's facilities in La Yaguara. At only 23 years of age, she has made a career in that company where she has worked for the last six years. Now, besides her responsibilities, which include overseeing shipping/receiving and warehousing of goods, she is taking part in the roundtable discussions among the other companies operating in the La Yaguara industrial park, the Government and the workers exploring possible ways of coping with the order to expropriate the land.

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