Venezuela stops paying $1 billion debt to Canadian gold miner

Section:

By Jonathan Wheatley
Financial Times, London
Monday, April 30, 2018

Venezuela has stopped making payments on more than $1 billion it owes to a Canadian mining company, highlighting the country's extreme difficulties in paying off its overseas debt.

Gold Reserve sued Venezuela under the World Bank's dispute settlement system more than eight years ago over the expropriation of its gold-mining operations. The company finally agreed to a $1.03 billion settlement in September 2016, mostly to be paid in monthly instalments that began last July.

But fourth-quarter financial statements published by Gold Reserve at the end of last week show that the payments ended in November.

It follows an apparent cessation of payments to holders of Venezuela's sovereign bonds in September last year. ...

... For the remainder of the report:

https://www.ft.com/content/3c6180da-4c76-11e8-97e4-13afc22d86d4


ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata



Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16