The resource group Anglo American (LSE: AAL) not seek compensation from the Venezuelan government after expiry of concessions and permits granted to Loma de Nickel operation, told BNamericas Maplecroft principal analyst for Latin America, James Lockhart-Smith.

"I think it's pretty unlikely at this stage, given its cooperative approach far observed. From the point of view of negotiation, would have been more logical to raise the issue of compensation before," he said.

The concessions expired on November 10 after the government refused to renew the face of business applications. In a statement at that time, Anglo said it would focus "on completing operations properly".

Current Cases

Vancouver firm Rusoro Mining (TSX-V: RML) and Toronto Crystallex International (TSX: KRY, OTCQB: CRYXF) resorted to arbitration before the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank for the expropriation of its assets in Venezuela. In these cases it is likely partial compensation, although it could be a long way to go, according to the analyst.

"This will be a very long process. Recent episodes In some companies, which had audiences have been fairly reasonable compensation from the Venezuelan government, but of course it is one thing to require payment of a sum X and that is to obtain, by so in these cases tend to be partial compensation, "he added.

In fact, "this year clearly perceived that the Venezuelan government evaluated process and respond to some of these issues fairly expeditiously to resolve the problems. Therefore, would not rule out the possibility of partial compensation in these cases."

The State grants canceled by Crystallex Las Cristinas gold deposit in 2008 and now intends to develop it from the state mining company Minerven and Chinese state Citic Group.

Meanwhile, Rusoro controlled 95% of the open pit Choco 10 and 50% of the underground mine through VenRus Isidora, 50:50 joint company with the Venezuelan government. In May this year, the government took over operations after failing to reach agreement with the company for the transfer of these assets to a new joint venture, according to the gold nationalization law of 2011.

BNamericas The full interview with James Lockhart-Smith on Friday in Mining Perspectives, for subscribers only product.