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 · 2016–2026

Siembra Minera: the merged Brisas–Cristinas area in the Orinoco Mining Arc, the 2022 revocation and Gold Reserve's new arbitration

Nature's voice · report
According to the Ministry's 2022 grounds as summarised in Gold Reserve's request for arbitration, my area at Siembra Minera was abandoned and overrun by small mining operators and gangs that caused environmental harm.
Did nature suffer? Yes. Harm is on record. Disputed
Recorded
What the record lacks: 2 none on record · 2 not disclosed · 1 not measured · 3 disputed · 3 unclear See the gaps
Accounts of the harm differ
Who is responsible for the condition of the Siembra Minera area
  • Government and regulators Venezuelan Ministry of Mining, as summarised by Gold Reserve: The mixed company submitted no studies and began no operations, and the site was abandoned and overrun by small mining operators and gangs that caused environmental harm. GR Mining (Barbados) Inc. (party pleading, via italaw)
  • Company or project Gold Reserve: Venezuela, as majority shareholder and police authority, is responsible; the state co-shareholder worked on mining in the area in alliance with local organizations, in Gold Reserve's wording quoted above. GR Mining (Barbados) Inc. (party pleading, via italaw)

The Imataca land on which permits were denied or revoked in 2008 in the name of the forest was placed in a state-majority mixed company in 2016, which obtained an environmental permit for early works. Its mining rights were revoked in 2022, and Gold Reserve claims over US$7 billion in an ICSID arbitration while negotiating a return under Venezuela's 2026 mining law.

Over US$7 billionGold Reserve claim over the revoked Siembra Minera rights
Claim in the request for arbitration of 5 March 2025, plus moral damages; Venezuela's grounds are known through Gold Reserve's filing.

Status As of 19 October 2026: GR Mining (Barbados) Inc.'s ICSID Additional Facility arbitration against Venezuela is pending, and Gold Reserve is negotiating a return under the April 2026 mining law with an Augusta Capital earn-in.

What?
The state-majority Siembra Minera mixed company, formed in 2016 over the combined Brisas and Cristinas area in the Orinoco Mining Arc, had its mining rights revoked on 7 March 2022. Gold Reserve claims over US$7 billion in an ICSID Additional Facility arbitration filed on 5 March 2025. GR Mining (Barbados) Inc. (party pleading, via italaw)
Where?
About 18,950 hectares in the Km 88 district, Sifontes municipality, Bolívar State, including the historical Brisas and Cristinas areas, within the Orinoco Mining Arc. Gold Reserve Ltd. (Empresa Mixta Ecosocialista Siembra Minera; AIF text)
When?
Formed October 2016; Permit to Affect work completed March 2019; rights revoked 7 March 2022; arbitration filed 5 March 2025; new mining law 16 April 2026; Augusta earn-in term sheet 14 May 2026. GR Mining (Barbados) Inc. (party pleading, via italaw)
Who?
Gained
Lost
Harmed
Why?
According to Gold Reserve's request for arbitration, the Ministry revoked the rights because the company had not submitted studies or begun operations and the site was abandoned and overrun by small mining operators and gangs causing environmental harm; Gold Reserve says the revocation expropriated its investment. GR Mining (Barbados) Inc. (party pleading, via italaw)
How?
The Ministry opened a procedure on 25 October 2021 and revoked the rights by Resolution No. 005 on 7 March 2022; Gold Reserve sought annulment in the Venezuelan Supreme Court and then filed an ICSID Additional Facility arbitration through GR Mining (Barbados) Inc. GR Mining (Barbados) Inc. (party pleading, via italaw)
6 of 6 questions answered from the record

What happened

The record, in order.

In February 2016 President Maduro announced the venture as "the resolution of a conflict that has had a happy ending", as quoted in the request for arbitration. The mixed-company contract followed in August 2016, and in October 2016 Empresa Mixta Ecosocialista Siembra Minera, S.A. was formed, with Corporación Venezolana de Minería holding 55% and Gold Reserve 45%. The area of about 18,950 hectares in the Km 88 district of Sifontes municipality, Bolívar State, "includes the historical Brisas and Cristinas areas" and lies within the Orinoco Mining Arc (Decree No. 2.248 of 24 February 2016). Ministry of Mining Resolution 000030 delimited it on 31 October 2016.

According to Gold Reserve, Siembra Minera completed and obtained approval of a Venezuelan Environmental Impact Statement and then received the environmental permit to affect the area for the early works (the "Permit to Affect"); work under it, including an Environmental Supervision Plan, was completed in March 2019. Gold Reserve also stated that the forest inventory for the project area was validated with Empresa Nacional Forestal, a state-owned company affiliated with the Ministry of Environment, and that a census of small miners was carried out with Mission Piar with plans to relocate them north of the project.

On 25 October 2021 Ministry Resolution 0027 opened a procedure, and on 7 March 2022 Resolution No. 005 revoked Siembra Minera's mining rights. According to Gold Reserve's request for arbitration, the Ministry's grounds were that the company had not submitted studies or begun operations and that the site was abandoned and overrun by small mining operators and gangs that caused environmental harm. Venezuela's own pleadings on the revocation are not available; its position is known only through Gold Reserve's filing. Gold Reserve alleged that the state co-shareholder worked in 2022–2023 on developing mining in the area in alliance with local organizations (Gold Reserve's wording is quoted in the quotations on this page), and cited satellite imagery of mines and, in September 2024, of an apparent chemical leaching facility. These are allegations by a party; no charges or rulings are on record.

Gold Reserve challenged the revocation before the Venezuelan Supreme Court (filed 7 December 2022; decision on interim measures 9 February 2023; hearing set for 27 July 2023). On 5 March 2025 GR Mining (Barbados) Inc. filed a request for arbitration under the ICSID Additional Facility and the 1994 Barbados–Venezuela investment treaty, claiming in excess of US$7 billion plus moral damages. Gold Reserve reported in August 2026 that the arbitration is pending, with a tribunal constituted and a first procedural hearing expected before 12 September 2026.

On 5 March 2026 a US mining delegation visited Caracas with Gold Reserve representatives, and OFAC granted a 30-day licence to negotiate, according to Gold Reserve. On 16 April 2026 a new Organic Mining Law repealed the 2015 Gold Law's mandatory state majority, and Gold Reserve welcomed it. On 14 May 2026 Gold Reserve signed an earn-in term sheet under which Augusta Capital would fund US$200 million of project expenditure to earn 50% of Gold Reserve's interest.

  1. 2016Maduro announces the venture (Feb); mixed-company contract (Aug); Siembra Minera formed with CVM 55%, Gold Reserve 45% (Oct); Resolution 000030 delimits the area (31 Oct)
  2. 2019Work under the Permit to Affect, including the Environmental Supervision Plan, completed (Mar)
  3. 2021Ministry Resolution 0027 opens a procedure (25 Oct)
  4. 2022Resolution No. 005 revokes Siembra Minera's mining rights (7 Mar); annulment action filed before the Supreme Court (7 Dec)
  5. 2023Supreme Court decision on interim measures (9 Feb); hearing set for 27 July
  6. 2025GR Mining (Barbados) Inc. files its request for arbitration (5 Mar)
  7. 2026US mining delegation visits Caracas with Gold Reserve representatives and OFAC grants a 30-day licence to negotiate (5 Mar)
  8. 2026New Organic Mining Law repeals the mandatory state majority (16 Apr)
  9. 2026Augusta Capital earn-in term sheet (14 May)
  10. 2026Tribunal constituted; first procedural hearing expected before 12 Sep

What was said

Claims, in the words of those who made them.

“the resolution of a conflict that has had a happy ending”

“completed and obtained approval of a Venezuelan Environmental Impact Statement; subsequently received the environmental permit to affect the Area for the early works (the 'Permit to Affect')”

“validated, with the assistance of Empresa Nacional Forestal (a state owned company affiliated with the Ministry of Environment), the forest inventory for the Siembra Minera Project area”

“allegedly was abandoned and overrun with illegal small mining operators and gangs that caused environmental harm”

“in alliance with local criminal organizations”

“with apparent disregard of environmental regulations”

“what appears to be an active chemical leeching facility”

“abruptly revoked the mixed company's mining rights … effectively expropriating Gold Reserve's investment”

“create the conditions for the responsible development of Venezuela's world-class mineral resources”

“may challenge the Maduro administration's 2016 formation of Siembra Minera and Presidential Decree No. 2.248”

Where accounts differ

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

Who is responsible for the condition of the Siembra Minera area
Government and regulators
Venezuelan Ministry of Mining, as summarised by Gold Reserve

The mixed company submitted no studies and began no operations, and the site was abandoned and overrun by small mining operators and gangs that caused environmental harm.

GR Mining (Barbados) Inc. (party pleading, via italaw)
Company or project
Gold Reserve

Venezuela, as majority shareholder and police authority, is responsible; the state co-shareholder worked on mining in the area in alliance with local organizations, in Gold Reserve's wording quoted above.

GR Mining (Barbados) Inc. (party pleading, via italaw)
Whether the 2022 revocation was lawful
Government and regulators
Venezuelan Ministry of Mining, as summarised by Gold Reserve

Revoked the rights for failure to advance the project.

GR Mining (Barbados) Inc. (party pleading, via italaw)
Company or project
Gold Reserve

The rights were abruptly revoked, effectively expropriating its investment; the matter is before an ICSID tribunal.

GR Mining (Barbados) Inc. (party pleading, via italaw)

How it looked

What was shown, beside what was recorded.

Shown

Recorded

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
Measured environmental harm or remediation spending on the Siembra Minera area—
None on record.

Gained elsewhere

Not totalled
Gross value of the minerals in the 2016 project figures (Gold Reserve's request for arbitration)$47bn
Venezuela's advance to the project under the fiscal terms (Gold Reserve's account)$110m
Project capital expenditure (Gold Reserve's account)$2bn
Gold Reserve's direct costs on Siembra Minera to 30 June 2021≈ $22m
Gold Reserve's claim in the 2025 arbitration, plus moral damages$7bn
Augusta Capital project expenditure to earn 50% of Gold Reserve's interest$200m
First Augusta tranche, due within one year and matched by Gold Reserve$25m
Currency: USD · Window: 2016–2026 — see each line. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • venezuela-ministry-of-mining (7 March 2022): Revoked the mining rights on 7 March 2022 on grounds that, according to Gold Reserve's request for arbitration, were failure to submit studies or begin operations and an abandoned site overrun by small mining operators and gangs that caused environmental harm. · GR Mining (Barbados) Inc. (party pleading, via italaw)
  • gold-reserve (5 March 2025): Stated that Venezuela abruptly revoked the mixed company's mining rights, effectively expropriating its investment, and that the state co-shareholder worked on mining in the area in alliance with local organizations, in the wording quoted above. · GR Mining (Barbados) Inc. (party pleading, via italaw)
  • gold-reserve (April 2026): Welcomed the new mining law as creating the conditions for the responsible development of Venezuela's mineral resources. · Gold Reserve Ltd.

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2021-10-25–2022-03-07Claimant won
    Revocation of Siembra Minera's mining rights (Ministry Resolutions 0027 and 005)
    Venezuelan Ministry of Mining · Administrative · Venezuelan Ministry of Mining → Empresa Mixta Ecosocialista Siembra Minera, S.A.

    Resolution 0027 opened a procedure on 25 October 2021 and Resolution No. 005 revoked the mining rights on 7 March 2022; reconsideration was rejected. The grounds are known through Gold Reserve's request for arbitration. GR Mining (Barbados) Inc. (party pleading, via italaw)

  2. 2022-12-07–Outcome not on record
    Gold Reserve's annulment action before the Venezuelan Supreme Court (File 2022-0385)
    Supreme Court of Venezuela · Administrative · Gold Reserve → Venezuelan Ministry of Mining

    A decision on interim measures was issued on 9 February 2023 and a hearing was set for 27 July 2023; the outcome is not on record. GR Mining (Barbados) Inc. (party pleading, via italaw)

  3. 2025-03-05–Ongoing$7bn claimed, in excess of, plus moral damages
    GR Mining (Barbados) Inc. v. Bolivarian Republic of Venezuela (ICSID Additional Facility)
    ICSID Additional Facility tribunal, Barbados–Venezuela investment treaty (1994) · Arbitration · GR Mining (Barbados) Inc. → Bolivarian Republic of Venezuela

    The request for arbitration alleges that Venezuela abruptly revoked the mixed company's mining rights and effectively expropriated Gold Reserve's investment. By August 2026 the tribunal had been constituted and a first procedural hearing was expected before 12 September 2026. Gold Reserve Ltd.

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.

Area of the mixed company
About 18,950 ha
Includes the historical Brisas and Cristinas areas in the Orinoco Mining Arc
Claim over the revoked rights
Over US$7bn
GR Mining (Barbados) Inc., ICSID Additional Facility, filed 5 March 2025
Measured harm figure
None on record
Neither the Ministry's account nor Gold Reserve's gives hectares or mercury values

What we don't know

Undisclosed, unproven, untried: recorded as data.
Case pending / contestedNo independent ecological evaluationKey earnings undisclosed

Nature

  • Disputed Who is responsible for the condition of the Siembra Minera area

Money

  • None on record Measured environmental harm or remediation spending on the Siembra Minera area — None on record.

Court

  • Unclear Gold Reserve's annulment action before the Venezuelan Supreme Court (File 2022-0385): outcome not on record.

Accounts

  • Disputed Whether the 2022 revocation was lawful

Record

  • Not disclosed Not disclosed: Venezuela's own account of the 2022 revocation and any environmental inspection behind it; the Ministry's grounds are known through Gold Reserve's request for arbitration.
  • Not measured Not measured: hectares affected, mercury or other contamination in the Siembra Minera area; neither the Ministry's account nor Gold Reserve's gives measured figures.
  • Not disclosed Not disclosed: the results of the forest inventory validated with Empresa Nacional Forestal.
  • Unclear Unclear: the outcome of Gold Reserve's annulment action before the Venezuelan Supreme Court after the hearing set for 27 July 2023.
  • Unclear Unclear: whether a new concession or contract over the Brisas–Cristinas area has been signed under the 2026 mining law.
  • Disputed Disputed: who caused the condition of the site; the Ministry points to the inactive mixed company, while Gold Reserve says Venezuela, as majority shareholder and police authority, is responsible.
  • None on record None on record: charges or rulings on Gold Reserve's allegations about mining and a leaching facility in the area.

Did the harm stop?

None on record. The mixed company's mining rights were revoked on 7 March 2022; Gold Reserve alleges mining continued in the area through 2022–2024.

Who paid?

None on record: no payment for the condition of the area. Gold Reserve reported direct costs of about US$21.6 million to 30 June 2021 and claims over US$7 billion from Venezuela.

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
  2. Mixed Company
    Gold Reserve Ltd. (Empresa Mixta Ecosocialista Siembra Minera; AIF text) · 2026-10-19
  3. Gold Reserve Returns to Venezuela
    Gold Reserve Ltd. · 2026-03-05

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.

Science and environment

Hectare (ha)
A unit of area equal to 10,000 square metres, about 2.5 acres. 100 hectares make one square kilometre.
Similar cases
Mining · Protected area / relocation · Ecuador · 2021
Los Cedros mining permits annulled (Ecuador)
Same type: Mining, Protected area / relocationSame regionCourt: won by claimant
Mining · Protected area / relocation · Turkey · 2022–2026
Milas–Yatağan olive groves opened to mining (Law 7554, temporary article 45)
Same type: Mining, Protected area / relocationCourt: won by claimant, ongoingHarm to nature disputed
Mining · Protected area / relocation · Indonesia · 2025
Raja Ampat nickel licences revoked
Same type: Mining, Protected area / relocationCourt: won by claimantHarm to nature disputed
Mining · Protected area / relocation · Tanzania · 2009–2025
Mkuju River uranium mine and the Selous boundary change
Same type: Mining, Protected area / relocationHarm to nature disputed