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2009
Gold Reserve v. Venezuela Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1)
Nationality of the parties
Venezuela, Bolivarian Republic of
Canada
Summary of matters at issue
Mining rights held indirectly by claimant in Venezuela under the mining concessions known as the “Brisas Concession” and the “Unicornio Concession” for the extraction of gold, copper and molybdenum.
Claims arising out of the Government's alleged deprivation of claimant's rights in certain gold and copper project in Venezuela, following the issuance of an administrative ruling by the Ministry of the Environment declaring the nullity of certain construction permit and the subsequent termination of claimant's mining concessions.
Economic sector and subsector
Primary: B - Mining and quarrying
7 - Mining of metal ores
Arbitral rules and administering institution
ICSID AF (ICSID Additional Facility)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Bernardini, P.
Williams, D. A. R.
Dupuy, P.-M.
Status/Outcome of original proceedings
Decided in favour of investor
Decisions rendered
Amount of compensation
1735.00 mln USD
713.00 mln USD
IIA breaches alleged/found
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Most-favoured nation treatment
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Follow-on proceedings
Judicial review by national courts
Judicial review by national courts
Award/decision upheld
Link to Italaw's case page