Caracas Chronicles

So, now that President Chávez has pledged to nationalize the Gold Mining industry, what’s going to happen to Rusoro?

You know Rusoro: it’s the politically-connected Russian mining company that had recently taken the lead, in partnership with Venezuela’s state owned CVG, in developing the giant Las Cristinas mine. Well, in all likelihood, they’re going to end up in International Arbitration.

Good luck with that!

While you’re in line waiting to file your papers at ICSID, be sure to say hi to the lawyers from Crystallex – the Canadian miner that…filed for arbitration just a few months ago when their contract to develop Las Cristinas got suddenly terminated.

And don’t miss the chance to say howdy to the legal team from Gold Reserve, another Canadian miner that’s just upped its arbitration claim over its concession for the near-by Las Brisas mine.

And be sure not to snub the lawyers from MINCA, the Canadian company (always Canadians for some reason) that had the Las Cristinas concession before Crystallex got it until – wait for it – they also had their contract irregularly terminated.

On second thought, you better bring some reading material…

UPDATE: Setty once again makes the rest of us look bad by picking up a phone and perpetrating an act of journalism instead of just ranting. Good show. But Rusoro’s “what, me worry?” shtick is…not very convincing.