Canadian gold miner Rusoro Mining Ltd. (TSXV: RML) has been awarded more than $1 billion after a World Bank tribunal said Venezuela unlawfully seized the company’s gold mine, according to news reports and a news release from Rusoro. The company says it was awarded damages of $967.77 million plus interest, taking the total above $1.2 billion. Rusoro says it filed an arbitration request in July 2012 under the Canada-Venezuela Bilateral Investment Treaty. With the award, the tribunal upheld Rusoro’s claims that Venezuela expropriated Rusoro’s investments without paying compensation and by imposing certain restrictions on the export of gold, the company says.

By Allen Sykora of Kitco News; asykora@kitco.com

IMPACT Silver Reports Higher 2Q Output; Net Loss Narrows

Wednesday August 24, 2016 08:08
 
IMPACT Silver Corp. (TSXV: IPT) reports second-quarter production rose to 235,990 silver ounces from 218,380 the same period a year ago. This, coupled with higher silver prices, led to improved financial results. The company lists a net loss of $0.1 million, which includes non-cash items of $0.6 million for amortization and depletion, compared to a $1 million net loss in the same quarter last year, of which non-cash items included $0.5 million in amortization and depletion. “The increase in silver prices has had a positive impact on the company’s financial performance,” says Fred Davidson, president and chief executive officer.

By Allen Sykora of Kitco News; asykora@kitco.com