Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Mining · Venezuela · 2007–2026

Brisas gold-copper project: 2008 revocation of the environmental permit in Imataca and Gold Reserve's ICSID award

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured. Disputed
What the record lacks: 2 none on record · 1 insufficient · 1 self-reported only · 2 not measured · 4 disputed See the gaps
Accounts of the harm differ
Why the Brisas environmental permit was revoked
  • Government and regulators Venezuela: The project was in the environmentally fragile Imataca Forest Reserve and the revocation was lawful under the Organic Law on the Environment. ICSID tribunal (via italaw)
  • Company or project Gold Reserve: The revocation rested on purported environmental grounds without legal basis and was motivated by the political agenda of the Chávez Administration. ICSID tribunal (via italaw)
  • Courts ICSID tribunal: Did not underestimate MinAmb's concerns; noted that none of them was mentioned in the revocation order; inferred that MinAmb's conduct was determined by a change of State policy. ICSID tribunal (via italaw)
Whether mining was under way at Brisas when the permit was revoked
  • Government and regulators MinAmb, revocation order: Cited serious environmental deterioration caused by uncontrolled mining activities of a large number of miners present in the area. ICSID tribunal (via italaw)
  • Government and regulators Ministry of Mines inspection report of 11 March 2008: No evidence of exploration or exploitation mining activities was found during the walk-around. ICSID tribunal (via italaw)

Venezuela revoked the environmental construction permit for the Brisas project on 14 April 2008 for reasons of public order, citing protection of the environment and local populations in Imataca. An ICSID tribunal awarded Gold Reserve US$713,032,000 plus interest for breach of fair and equitable treatment in 2014.

US$713,032,000 + interestICSID award to Gold Reserve over the Brisas permit revocation
Award of 22 September 2014; Gold Reserve's own judgment remains unsatisfied under the 2025 Amber sale of CITGO's parent.

Status As of 19 October 2026: Gold Reserve's judgment remains unsatisfied under the court-approved Amber sale, which is on appeal; its claim over the successor Siembra Minera project is before an ICSID tribunal.

What?
The Ministry of Environment of Venezuela revoked the environmental construction permit for the Brisas gold-copper project on 14 April 2008 for reasons of public order. An ICSID tribunal awarded Gold Reserve US$713,032,000 plus interest on 22 September 2014 for breach of fair and equitable treatment. ICSID tribunal (via italaw)
Where?
Brisas del Cuyuní concession, Km 88 district, Sifontes municipality, Bolívar State, adjacent to Las Cristinas, in the Imataca Forest Reserve. ICSID tribunal (via italaw)
When?
Permit granted 27 March 2007; revoked 14 April 2008; concession terminated 25 May 2009; award 22 September 2014; settlement 2016; CITGO sale ruling 25 November 2025. ICSID tribunal (via italaw)
Who?
Gained
Lost
Harmed
  • Imataca Forest Reserve around Km 88 — Described in the revocation order as seriously deteriorated through uncontrolled mining; a Ministry of Mines inspection of 11 March 2008 found no evidence of mining during the walk-around; no measured data on record ICSID tribunal (via italaw)
Why?
The revocation order cited protection of the environment and populations and uncontrolled mining in Imataca; the tribunal inferred that MinAmb's conduct was determined by a change of State policy and noted that the later-raised concerns were not mentioned in the order. ICSID tribunal (via italaw)
How?
Venezuela revoked the permit without hearing Gold Reserve; Gold Reserve brought an ICSID Additional Facility arbitration and won damages, then settled in 2016 and later bid and objected in the court-ordered CITGO sale. ICSID tribunal (via italaw)
6 of 6 questions answered from the record

What happened

The record, in order.

The Brisas del Cuyuní concession lies next to Las Cristinas in the Km 88 district of Sifontes municipality, Bolívar State. Venezuela described it as located "in the environmentally fragile Imataca Forest Reserve". On 27 March 2007 the Ministry of Environment (MinAmb) granted the Phase I construction permit, an authorisation to affect natural resources (AARN).

On 14 April 2008 MinAmb Administrative Order No. 625 (Ruling 088-08) declared the permit's "absolute nullity" and revoked it "for reasons of public order". The order invoked the State's duty to protect the environment and populations, the emergency declared in Imataca on 26 June 2006, and "serious environmental deterioration of the rivers, soil, flora, fauna and biodiversity in general, caused by the uncontrolled mining activities performed by the large number of miners present in the area". A Ministry of Mines inspection report of 11 March 2008, one month earlier, stated that "no evidence of (exploration or exploitation) mining activities was found during the walk around". On 25 May 2009 the Ministry of Mines denied the extension and terminated the Brisas concession, and in October 2009 the assets were seized and the site occupied.

In its award of 22 September 2014 (ICSID ARB(AF)/09/1; Pierre-Marie Dupuy, David A.R. Williams QC, Piero Bernardini, President) the tribunal found a breach of fair and equitable treatment because the revocation order was issued without allowing Gold Reserve to be heard, and inferred that MinAmb's conduct was determined by a change of State policy. It acknowledged that a State has a responsibility to preserve the environment but held that this does not exempt it from commitments to international investors, and noted that none of the concerns Venezuela later raised, including cumulative impacts with Las Cristinas and a pending Strategic Environmental Evaluation, was mentioned in the revocation order. It did not find expropriation, holding the concession terminations to be an exercise of regulatory powers because Gold Reserve had failed to exploit within the required time. It awarded US$713,032,000 with interest from 14 April 2008 and US$5 million in costs.

In 2016 Gold Reserve and Venezuela signed a settlement agreement and formed the Siembra Minera mixed company over the combined Brisas and Cristinas area. According to Gold Reserve, Venezuela's obligations under the 2016 agreement exceeded US$1 billion; it paid US$40 million on 15 June 2017 and then monthly instalments of US$29.5 million, "in total … only circa $254 million".

Gold Reserve became a judgment creditor, a bidder and an objector in the court-ordered sale of CITGO's parent. Its subsidiary Dalinar Energy bid US$7.382 billion and later US$7.902 billion. On 25 November 2025 the District of Delaware found the Dalinar bid no longer qualified or viable after the Southern District of New York ruled in favour of the PDVSA 2020 bondholders, adopted the Amber bid, and recorded that Gold Reserve's judgment would remain unsatisfied. A petition for a writ of mandamus by Gold Reserve to stay the sale was denied.

  1. 2007MinAmb grants the Phase I construction permit (27 Mar)
  2. 2008MIBAM inspection report finds no mining activity during the walk-around (11 Mar); MinAmb revokes the permit (14 Apr)
  3. 2009MIBAM denies the extension and terminates the concession (25 May); assets seized and site occupied (Oct)
  4. 2014ICSID award: US$713,032,000 plus interest (22 Sep)
  5. 2016Settlement agreement and Siembra Minera mixed company
  6. 2017First payment of US$40 million under the 2016 agreement (15 Jun)
  7. 2025Dalinar bid found no longer qualified or viable; Amber bid adopted; Gold Reserve's judgment to remain unsatisfied (25 Nov)

What was said

Claims, in the words of those who made them.

“serious environmental deterioration of the rivers, soil, flora, fauna and biodiversity in general, caused by the uncontrolled mining activities performed by the large number of miners present in the area”

MinAmb Administrative Order No. 625, as quoted in the award (paras 593–594) · 14 April 2008 · translated from Spanish · ICSID tribunal (via italaw)

“no evidence of (exploration or exploitation) mining activities was found during the walk around”

Ministry of Mines inspection report, as quoted in the award (para. 597) · 11 March 2008 · translated from Spanish · ICSID tribunal (via italaw)

“save and appropriate what is ours”

“The Tribunal acknowledges that a State has a responsibility to preserve the environment and protect local populations living in the area where mining activities are conducted. However, this responsibility does not exempt a State from complying with its commitments to international investors…”

“The Tribunal does not underestimate MinAmb's concerns regarding environmental protection. It notes that none of the above grounds of concern was mentioned in the Revocation Order…”

“Respondent issued the Revocation Order without allowing Claimant an opportunity to be heard. It is only reasonable to infer that MinAmb's conduct was determined by the change of State's policy inaugurated by President Chávez.”

“in total … only circa $254 million”

“priced $2 billion below the highest-priced bid”

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Why the Brisas environmental permit was revoked
Government and regulators
Venezuela

The project was in the environmentally fragile Imataca Forest Reserve and the revocation was lawful under the Organic Law on the Environment.

ICSID tribunal (via italaw)
Company or project
Gold Reserve

The revocation rested on purported environmental grounds without legal basis and was motivated by the political agenda of the Chávez Administration.

ICSID tribunal (via italaw)
Courts
ICSID tribunal

Did not underestimate MinAmb's concerns; noted that none of them was mentioned in the revocation order; inferred that MinAmb's conduct was determined by a change of State policy.

ICSID tribunal (via italaw)
Whether mining was under way at Brisas when the permit was revoked
Government and regulators
MinAmb, revocation order

Cited serious environmental deterioration caused by uncontrolled mining activities of a large number of miners present in the area.

ICSID tribunal (via italaw)
Government and regulators
Ministry of Mines inspection report of 11 March 2008

No evidence of exploration or exploitation mining activities was found during the walk-around.

ICSID tribunal (via italaw)
Value and priority of Gold Reserve's bid in the CITGO sale
Company or project
Gold Reserve

The recommended Amber bid was priced US$2 billion below the highest-priced bid.

Gold Reserve Ltd. (filing)
Courts
District of Delaware

The Dalinar bid was no longer qualified or viable after the Southern District of New York ruled in favour of the PDVSA 2020 bondholders.

US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve

How it looked

What was shown, beside what was recorded.

Shown

  • The permit was revoked for reasons of public order to protect the environment and the populations of Imataca.
    MinAmb Administrative Order No. 625 (14 April 2008) · ICSID tribunal (via italaw)
  • The revocation rested on purported environmental grounds without legal basis and was motivated by the political agenda of the Chávez Administration.
    Gold Reserve, as recorded in the award · ICSID tribunal (via italaw)

Recorded

  • The tribunal found a breach of fair and equitable treatment and awarded US$713,032,000 plus interest; it did not find expropriation.
  • The revocation order did not mention the concerns Venezuela later raised, and MinAmb gave no warning that the environmental situation had significantly deteriorated since the permit was issued (para. 596).
  • The Ministry of Mines inspection report of 11 March 2008 found no evidence of exploration or exploitation mining activities during the walk-around.
  • Gold Reserve alleged that a 2008 Ministry of Mines presentation listed the suspension of the environmental permits granted to the companies Cristalex and Gold Reserve as an immediate action (claimant's account, para. 320).
  • Gold Reserve's judgment will remain unsatisfied under the Amber sale.

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
Award or settlement money allocated to the Imataca environment—
None on record.

Gained elsewhere

Not totalled
Tribunal award, plus interest from 14 April 2008 (22 September 2014)$713m
Costs to be reimbursed by Venezuela$5m
Venezuela's obligations under the 2016 agreement (Gold Reserve's account)$1bn
First payment under the 2016 agreement (15 June 2017)$40m
Monthly instalments under the 2016 agreement$30m
Total paid under the 2016 agreement (Gold Reserve's account)$254m
Dalinar Energy bid selected in the Special Master's earlier Final Recommendation$7.4bn
Dalinar Energy later bid$7.9bn
Elliott offer to Gold Reserve, to discharge US$500 million of its judgment (not accepted)$75m
Currency: USD · Window: 2014–2025 — see each line. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • venezuela-gov (ICSID proceedings, before September 2014): Told the tribunal the project raised critical environmental issues because it was located in the environmentally fragile Imataca Forest Reserve, and that revocation was lawful under articles 91 and 109 of the Organic Law on the Environment. · ICSID tribunal (via italaw)
  • gold-reserve (ICSID proceedings, before September 2014): Told the tribunal that the revocation rested on purported environmental grounds that were without legal basis and was motivated by the political agenda of the Chávez Administration. · ICSID tribunal (via italaw)

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2014-09-22Claimant won$713.03m awarded, with interest from 14 April 2008 at the US Treasury Bill rate compounded annually; post-award interest at LIBOR + 2%
    Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Additional Facility, ARB(AF)/09/1)
    ICSID Additional Facility tribunal (Pierre-Marie Dupuy; David A.R. Williams QC; Piero Bernardini, President) · Arbitration · Gold Reserve Inc. → Bolivarian Republic of Venezuela

    The tribunal found a breach of fair and equitable treatment because the revocation order was issued without allowing Gold Reserve to be heard. It did not find expropriation, holding the concession terminations to be an exercise of regulatory powers because the claimant had failed to exploit within the required time. Venezuela was to reimburse US$5 million of costs. ICSID tribunal (via italaw)

  2. 2016Settled$1bn Venezuela's obligations of over US$1 billion under the 2016 agreement (Gold Reserve's account)
    2016 settlement agreement and Siembra Minera mixed company
    Agreement between Gold Reserve and Venezuela · Civil · Gold Reserve → Bolivarian Republic of Venezuela

    According to Gold Reserve, Venezuela paid US$40 million on 15 June 2017 and then monthly instalments of US$29.5 million, in total only circa US$254 million. GR Mining (Barbados) Inc. (party pleading, via italaw)

  3. 2025-11-25Ongoing
    Gold Reserve's objections to the Amber sale and Dalinar bid (District of Delaware)
    US District Court for the District of Delaware (Judge Leonard P. Stark) · Civil · Gold Reserve → Special Master's recommendation; Amber Energy

    The court overruled Gold Reserve's objections, found the Dalinar bid no longer qualified or viable and recorded that Gold Reserve's judgment would remain unsatisfied; the sale is on appeal in the Third Circuit. US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve

  4. 2025-10-28–2025Dismissed
    In re Gold Reserve Ltd. (mandamus to stay the sale)
    US Court of Appeals for the Third Circuit, No. 25-3091 · Appeal · Gold Reserve Ltd. → District of Delaware sale process

    Gold Reserve sought a writ of mandamus to stay the sale pending disqualification of the Special Master, his advisors and the judge; the petition was denied before 25 November 2025. Gold Reserve Ltd. (filing)

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Award to Gold Reserve
US$713.0m + interest
22 September 2014; breach of fair and equitable treatment, no expropriation found
Paid under the 2016 agreement
circa US$254m
Gold Reserve's account of Venezuela's payments
Measured environmental data in the award
None on record
The environmental grounds are recorded in words only

What we don't know

Undisclosed, unproven, untried: recorded as data.

Nature

  • Not measured Harm to nature: No independent ecological evaluation is on record.
  • Disputed Why the Brisas environmental permit was revoked
  • Disputed Whether mining was under way at Brisas when the permit was revoked

Money

  • None on record Award or settlement money allocated to the Imataca environment — None on record.

Accounts

  • Disputed Value and priority of Gold Reserve's bid in the CITGO sale

Record

  • Not measured Not measured: environmental condition of the Brisas concession in 2008; the award contains no measured environmental data.
  • Disputed Disputed: whether mining activity was present at Brisas in 2008; the revocation order cited uncontrolled mining by many miners, and a Ministry of Mines inspection of 11 March 2008 found no evidence of mining activity during the walk-around.
  • Insufficient Insufficient: the current amount of Gold Reserve's attached judgment in Delaware.
  • Self-reported only Self-reported only: Venezuela's payments under the 2016 agreement and the total obligation of over US$1 billion are Gold Reserve's account.
  • None on record None on record: insurance relating to the revocation or the award.

Did the harm stop?

MinAmb revoked the permit on 14 April 2008 and the Ministry of Mines terminated the concession on 25 May 2009. No measured change in the condition of the Brisas area after either date is on record.

Who paid?

Venezuela was ordered to pay US$713,032,000 plus interest. According to Gold Reserve it paid circa US$254 million under the 2016 agreement. None on record: any payment to the Imataca environment.

Sources

Voices on record: ✓ Company or project— Government and regulators✓ Courts— Press and investigations— Communities and civil society— Researchers

Company or project

  1. Request for Arbitration v. Venezuela (Siembra Minera)
    GR Mining (Barbados) Inc. (party pleading, via italaw) · 2025-03-05

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.

Law and courts

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A private dispute process in which an appointed arbitrator, instead of a court, decides the case.

Bonds and banking

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