French Court Revives Miner's $1.6B Award Against Venezuela

Law360 (April 1, 2021, 9:36 AM EDT) -- France's highest court has reinstated a $1.6 billion arbitral award to Rusoro Mining Ltd., which the Canadian company won after Venezuela nationalized its mining assets in the country.

The Vancouver-based company said Wednesday that the French Supreme Court, the Cour de Cassation, overturned a previous decision issued by the Paris Court of Appeal in early 2019 annulling the damages component of the award.

Rusoro's CEO, Andre Agapov, said that the high court's decision reinstates the arbitral award in full and will allow Rusoro to continue to "vigorously" pursue recognition and enforcement of the award, the value of which is currently approximately...

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