Venezuela Mining Co. Must Pay $188M Arbitral Award

Law360 (September 24, 2020, 10:10 PM EDT) -- A British Virgin Islands commodities firm has won confirmation in Florida federal court of its nearly $188 million arbitral award against a Venezuelan state-owned mining company after it failed to enter an appearance in the case filed late last year.

U.S. District Judge Darrin P. Gayles ordered Wednesday that Commodities & Minerals Enterprise Ltd., a company incorporated under the laws of the British Virgin Islands, is entitled to $187.86 million plus interest from CVG Ferrominera Orinoco CA after an arbitration panel concluded that the Venezuelan company failed to honor an iron ore management contract that it had inked with CME....

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