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 · 2008–2026

Rusoro Mining award for the El Callao gold mines: Venezuela's unquantified natural-resource counterclaim and Rusoro's role in the CITGO sale

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: 3 none on record · 1 not disclosed · 1 insufficient · 2 not measured · 2 disputed See the gaps
Accounts of the harm differ
Whether Rusoro damaged Venezuela's natural resources at the Choco 10 mine
  • Government and regulators Venezuela: Rusoro caused damage to the natural resources of the Bolivarian Republic by adopting improper mining practices at Choco 10, contrary to its own mining plans; the claim was purely declaratory because Venezuela was unable to quantify it, and Rusoro refused to provide the information needed. ICSID tribunal (via italaw)
  • Courts ICSID tribunal: Declared that it lacked jurisdiction to adjudicate the counterclaim. ICSID tribunal (via italaw)
Whether the nationalisation served a public purpose of environmental and workers' protection
  • Government and regulators Venezuela: The nationalisation responded to environmental harm and violation of the rights of workers. ICSID tribunal (via italaw)
  • Courts ICSID tribunal: Found expropriation without compensation in breach of article VII of the investment treaty. ICSID tribunal (via italaw)

An ICSID tribunal awarded Rusoro Mining US$966.5 million for Venezuela's 2011 nationalisation of its gold mines and declared that it lacked jurisdiction over Venezuela's counterclaim for damage to natural resources, which Venezuela had not quantified. Rusoro's judgment of about US$1.569 billion is discharged inside the court-approved CITGO sale.

US$966,500,000 + interestICSID award to Rusoro Mining for the 2011 nationalisation
Award of 22 August 2016. Venezuela's counterclaim for damage to natural resources was declared outside the tribunal's jurisdiction and was never quantified.

Status As of 19 October 2026: Rusoro's attached judgment is discharged under the Amber sale, which is on appeal in the Third Circuit (oral argument set for 21 October 2026); OFAC licensing of the sale is not on record.

What?
An ICSID tribunal awarded Rusoro Mining US$966.5 million plus interest on 22 August 2016 for Venezuela's 2011 nationalisation of its gold mines, and declared that it lacked jurisdiction over Venezuela's unquantified counterclaim for damage to natural resources at the Choco 10 mine. ICSID tribunal (via italaw)
Where?
Mainly the El Callao, El Dorado and Cuyuní districts of Bolívar State, Venezuela; the Choco 10 mine is near El Callao. ICSID tribunal (via italaw)
When?
VenRus joint venture 4 July 2008; nationalisation 2011; award 22 August 2016; CITGO sale approved 25 and 29 November 2025. ICSID tribunal (via italaw)
Who?
Gained
Lost
  • Venezuela — Ordered to pay US$966.5 million plus interest; its natural-resource counterclaim was declared outside the tribunal's jurisdiction ICSID tribunal (via italaw)
Harmed
  • Natural resources at the Choco 10 mine, El Callao — Damage alleged by Venezuela through improper mining practices; not quantified and not adjudicated ICSID tribunal (via italaw)
Why?
Venezuela defended the nationalisation as a response to environmental harm and violation of workers' rights; the tribunal found expropriation without compensation. ICSID tribunal (via italaw)
How?
Rusoro obtained an ICSID Additional Facility award, attached judgment in the US, and receives consideration in the court-approved Amber purchase of the PDVH shares. US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve
6 of 6 questions answered from the record

What happened

The record, in order.

On 4 July 2008 Rusoro Mining and the Venezuelan state formed the VenRus joint venture (Rusoro 50%, state 50%). According to the Crystallex award, the Ministry of Mines announced in November 2008 that VenRus would operate Las Cristinas. In 2011 Venezuela nationalised the gold sector, and Rusoro's mines, mainly in the El Callao, El Dorado and Cuyuní districts of Bolívar State, including the Choco 10 mine near El Callao, were affected.

On 22 August 2016 an ICSID Additional Facility tribunal seated in Paris (Juan Fernández-Armesto, President; Francisco Orrego Vicuña; Bruno Simma) found expropriation without compensation in breach of article VII of the investment treaty, and a breach of the Annex paragraph 6 through the 2010 BCV export resolution. It held the 2009 measures time-barred. It awarded US$966,500,000 as compensation for the expropriation plus US$1,277,002 in damages for gold-export restrictions, with interest at USD LIBOR 1-year + 4% (minimum 4%) compounded annually from 16 September 2011, and US$3,302,500 in costs.

Venezuela brought a counterclaim alleging that Rusoro "caused damage to the natural resources of the Bolivarian Republic by adopting improper mining practices in the Choco 10 mine, contrary to its own mining plans". Venezuela called the counterclaim "purely declaratory, because it has been unable to quantify its claim", and said Rusoro had refused to provide the information needed. The tribunal declared that it "lacks jurisdiction to adjudicate the counter-claim". In its public-purpose defence of the nationalisation, Venezuela also said it responded to "environmental harm and violation of rights of the workers".

Rusoro became a judgment creditor in the court-ordered sale of CITGO's parent company. Under the Amber Energy bid approved by the District of Delaware on 25 and 29 November 2025, Rusoro receives a package of cash and non-cash consideration in exchange for discharging its attached judgment of approximately US$1.569 billion. Rusoro is a record holder in Amber's credit bid, with Koch, in a principal amount of US$2,009,272,932.70.

  1. 2008VenRus joint venture formed, Rusoro 50% and the state 50% (4 Jul)
  2. 2008Ministry of Mines announces that VenRus will operate Las Cristinas (Nov), as recorded in the Crystallex award
  3. 2011Gold-sector nationalisation; interest on the award runs from 16 September
  4. 2016ICSID award of US$966.5 million; counterclaim declared outside jurisdiction (22 Aug)
  5. 2025Rusoro's attached judgment of approximately US$1.569 billion discharged within the Amber purchase price (25 and 29 Nov)

What was said

Claims, in the words of those who made them.

“caused damage to the natural resources of the Bolivarian Republic by adopting improper mining practices in the Choco 10 mine, contrary to its own mining plans”

“purely declaratory, because it has been unable to quantify its claim”

“lacks jurisdiction to adjudicate the counter-claim”

“environmental harm and violation of rights of the workers”

Venezuela's public-purpose defence of the nationalisation, as recorded in the award · Before August 2016 · ICSID tribunal (via italaw)

“a package of cash and non-cash consideration”

Where accounts differ

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

Whether Rusoro damaged Venezuela's natural resources at the Choco 10 mine
Government and regulators
Venezuela

Rusoro caused damage to the natural resources of the Bolivarian Republic by adopting improper mining practices at Choco 10, contrary to its own mining plans; the claim was purely declaratory because Venezuela was unable to quantify it, and Rusoro refused to provide the information needed.

ICSID tribunal (via italaw)
Courts
ICSID tribunal

Declared that it lacked jurisdiction to adjudicate the counterclaim.

ICSID tribunal (via italaw)
Whether the nationalisation served a public purpose of environmental and workers' protection
Government and regulators
Venezuela

The nationalisation responded to environmental harm and violation of the rights of workers.

ICSID tribunal (via italaw)
Courts
ICSID tribunal

Found expropriation without compensation in breach of article VII of the investment treaty.

ICSID tribunal (via italaw)

How it looked

What was shown, beside what was recorded.

Shown

  • The nationalisation was presented as responding to environmental harm and violation of workers' rights.
    Venezuela, as recorded in the award · ICSID tribunal (via italaw)
  • Rusoro was presented as having damaged natural resources through improper mining practices at the Choco 10 mine, contrary to its own mining plans.
    Venezuela's counterclaim, as recorded in the award · ICSID tribunal (via italaw)

Recorded

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
Venezuela's natural-resource counterclaim against Rusoro—
Not quantified by Venezuela; declared outside the tribunal's jurisdiction.

Gained elsewhere

Not totalled
Compensation for expropriation, plus interest (22 August 2016)$967m
Damages for gold-export restrictions$1.28m
Costs awarded$3.3m
Rusoro attached judgment discharged within the Amber purchase price≈ $1.6bn
Credit bid principal for the Rusoro and Koch judgments$2bn
Currency: USD · Window: 2011–2025 — see each line. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • venezuela-gov (ICSID proceedings, before August 2016): Argued in its public-purpose defence that the nationalisation responded to environmental harm and violation of the rights of workers, and brought a counterclaim for damage to natural resources at the Choco 10 mine, which it said it was unable to quantify. · ICSID tribunal (via italaw)

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2016-08-22Claimant won$966.5m compensation for expropriation, plus US$1,277,002 for gold-export restrictions, interest at USD LIBOR 1-year + 4% (minimum 4%) from 16 September 2011, and US$3,302,500 costs
    Rusoro Mining Ltd. v. Bolivarian Republic of Venezuela (ICSID Additional Facility, ARB(AF)/12/5)
    ICSID Additional Facility tribunal, seat Paris (Juan Fernández-Armesto, President; Francisco Orrego Vicuña; Bruno Simma) · Arbitration · Rusoro Mining Ltd. → Bolivarian Republic of Venezuela

    The tribunal found expropriation without compensation (BIT Art. VII) and a breach of Annex paragraph 6 through the 2010 BCV export resolution, and held the 2009 measures time-barred. ICSID tribunal (via italaw)

  2. 2016-08-22Dismissed
    Venezuela's counterclaim for damage to natural resources at the Choco 10 mine
    ICSID Additional Facility tribunal · Arbitration · Bolivarian Republic of Venezuela → Rusoro Mining Ltd.

    Venezuela alleged damage to its natural resources through improper mining practices at Choco 10, contrary to Rusoro's mining plans, and called the claim purely declaratory because it was unable to quantify it. The tribunal declared that it lacked jurisdiction to adjudicate the counterclaim. ICSID tribunal (via italaw)

  3. 2025-11-25Claimant won$1.57bn attached judgment of approximately US$1.569 billion, discharged within the purchase price
    Rusoro's attached judgment within the court-ordered CITGO sale
    US District Court for the District of Delaware (Judge Leonard P. Stark) · Civil · Rusoro Mining Ltd. → Bolivarian Republic of Venezuela; PDVSA; PDVH

    Under the Amber bid approved on 25 and 29 November 2025, Rusoro receives a package of cash and non-cash consideration in exchange for discharging its attached judgment. US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve

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 Rusoro
US$966.5m + interest
22 August 2016; compensation for expropriation
Venezuela's natural-resource counterclaim
Unquantified
Declared outside the tribunal's jurisdiction
Rusoro judgment discharged in the CITGO sale
About US$1.569bn
Within the Amber purchase price, November 2025

What we don't know

Undisclosed, unproven, untried: recorded as data.
Court ruling existsNo independent ecological evaluation

Nature

  • Not measured Harm to nature: No independent ecological evaluation is on record.
  • Disputed Whether Rusoro damaged Venezuela's natural resources at the Choco 10 mine
  • Disputed Whether the nationalisation served a public purpose of environmental and workers' protection

Money

  • None on record Venezuela's natural-resource counterclaim against Rusoro — Not quantified by Venezuela; declared outside the tribunal's jurisdiction.

Record

  • Not measured Not measured: the natural-resource damage Venezuela alleged at the Choco 10 mine; Venezuela stated it was unable to quantify its claim.
  • None on record None on record: a ruling on whether the alleged improper mining practices at Choco 10 occurred; the tribunal declared that it lacked jurisdiction over the counterclaim.
  • Insufficient Insufficient: the current value of the Rusoro judgment beyond the court's figure of approximately US$1.569 billion.
  • Not disclosed Not disclosed: the information Venezuela said Rusoro refused to provide for quantifying the counterclaim.
  • None on record None on record: insurance relating to the nationalisation or the award.

Did the harm stop?

None on record. The 2011 nationalisation transferred Rusoro's mines to the state; no source states what changed in the mining practices at Choco 10.

Who paid?

Venezuela was ordered to pay US$966.5 million plus interest. Within the CITGO sale, Rusoro's attached judgment of approximately US$1.569 billion is discharged by a package of cash and non-cash consideration. None on record: any payment for natural-resource damage.

Sources

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

Courts

  3. Opinion adopting Special Master's Updated Final Recommendation (D.I. 2553, Misc. No. 17-151-LPS)
    US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve · 2025-11-25
  4. Order (I) Approving Stock Purchase Agreement, (II) Authorizing Sale of the PDVH Shares (D.I. 2556)
    US District Court, D. Del. (Judge Stark); copy hosted by Gold Reserve · 2025-11-29

Connected cases

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

Law and courts

Arbitration
A private dispute process in which an appointed arbitrator, instead of a court, decides the case.
Statute of limitations, time-barred
The legal time limit for bringing or completing a case. A time-barred case can no longer lead to a penalty, even if guilt was found.

Bonds and banking

Delaware, Guernsey, Cayman Islands
Jurisdictions widely used to register companies, funds and accounts for legal, confidentiality and tax reasons.
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