Rusoro Mining (CVE:RML) owed more than US$1.2 billion: Tribunal

Ordered Venezuela to pay after unlawfully expropriating the Company’s gold mines in that country

Rusoro Mining Ltd. (CVE:RML)  says an international arbitration tribunal has ordered Venezuela to pay it more than US$1.2 billion after unlawfully expropriating the company’s gold mines in that country.

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Venezuela took over the Vancouver-based company’s investments in the South American country as part of a nationalization of the gold industry in 2011.

Rusoro had two gold mines as well as other development projects in the country, then under the leadership of Hugo Chavez who died in 2013.

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