Caracas .- The miner Gold Reserve said Tuesday that requires at least 1.928 million dollars to Venezuela for the expropriation of their participation in two major gold projects in the South East oil.

In April 2008, the government of President Hugo Chávez revoked the mining rights on the Brisas project and the Choco 5 promising. The following year, the company sought arbitration before the International Centre for Settlement of Investment Disputes (ICSID), World Bank.

"Gold Reserve seeks compensation for all losses caused by infringements of Venezuela to the agreements with Canada," it said in a statement, Reuters reported.

"Until September 24th, Gold Reserve valued the loss at a minimum of 1,928 million dollars," he added.

Venezuela government authorities were not immediately available for comment.

Chavez, who has nationalized large sectors of the economy during his 11 years in power, is redoubling its efforts to exploit the large gold deposits in their country to the stagnation in oil prices, its main export product.

The expropriations have left a trail of lawsuits and requests for international arbitration that would total more than 40,000 million dollars in outstanding accounts payable, according to the aspirations of the affected firms.