Loading ...Venezuela pays miner $425m in move to safeguard Citgo
Venezuela made an partial payment of a settlement designed to resolve a $1.2 billion arbitration award to a bankrupt Canadian gold miner that’s laying claim to the assets of the parent of refiner Citgo Holding Inc. if it’s not paid in full.
Crystallex International Corp. received $425 million in November, and will suspend all enforcement efforts until at least early next year, according to Canadian court documents. Venezuela is now required to pay the remaining balance in installments by early 2021, and deliver an “acceptable security interest” or collateral to ensure payments its outstanding obligations, according to the documents.