Anglo American seeks compensation from Venezuela

Posted by Joseph R. Fonseca
Saturday, April 12, 2014

 Anglo American is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancellation of mining concessions by late president Hugo Chavez's government.

 
The World Bank's International Center for Settlement of Investment Disputes (ICSID) said on its website the claim was introduced on Thursday, but gave no more details.
 
Venezuela faces more than 20 international compensation cases in disputes largely stemming from the 1999-2013 Chavez era. He died from cancer in 2013, with a protege, Nicolas Maduro, winning election to replace him.
 
The best-known cases are multi-billion compensation claims by ExxonMobil Corp and ConocoPhillips over nationalizations.
 
Anglo American had a 91.4 percent stake in the Loma de Niquel project until the government canceled 13 concessions and refused to renew three others, according to the company's website.
 
There was no word from the company, or Venezuela's government, on the compensation case.
 
(Reporting by Diego Ore; Writing by Andrew Cawthorne; Editing by Alison Williams)
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