Re: Gold Reserve Awarded $740.3 Million by ICSID
in response to
by
posted on
Sep 24, 2014 02:43PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
We definately don't have to worry about it. The point I was making was just because GRZ got $740 million out 2.1 billion. In GRZ earlier press releases they said 2.1 billion was fair market value but the award said $740 million was fair market. Why the difference?
GRZ's initial potential claim was a higher figure before actually filing the 2 billion claim.http://www.businessweek.com/news/2009-04-21/gold-reserve-may-claim-5-billion-from-venezuela
Kry had initially filed a claim around 3.8 billion but later I think they dropped it to around 3.3 billion. (memory not good) I asked RM a long time ago about their appraisal of damages and was informed that they were close to an accurate figure. VZ will have their appraisal be much lower and the panel needs to decide on what is the fair market value.
So in the GRZ case perhaps their idea of fair market was greatly inflated so settling for $740 million might be closer to the truth. Our award if RM is accurate should be a higher percentage IMHO. If our figures are as bloated as our BOD then we may end up with a lot less.
JJ