Rusoro Mining

What Rusoro Mining does

Rusoro Mining Ltd. is a Vancouver, British Columbia–incorporated public company (TSX-V: RML) that has not operated as a mining business since 2012, when the Venezuelan government expropriated its assets effective March 14, 2012 under the September 16, 2011 gold nationalization decree. Historically, the company held a 95% interest in the Choco 10 mine (acquired November 30, 2007) and a 50% interest in the Isidora mine (acquired December 23, 2008, operated as a joint venture with the Venezuelan government) for the exploration, development, and exploitation of alluvial and vein gold in Bolivar State, Venezuela.

Since the expropriation, Rusoro's principal business activity has been the enforcement and recovery of an international arbitration award (US$967.77 million plus interest, valued at approximately US$1.55 billion as of December 2025) issued August 22, 2016 by an ICSID Additional Facility Tribunal against the Bolivarian Republic of Venezuela. The award has been confirmed by the U.S. District Court for the District of Columbia (March 2018), reinstated by the French Cour de Cassation (March 2021), and held enforceable in U.S. courts via the U.S. Third Circuit's alter-ego ruling (July 2023, certiorari denied January 2024). The company pursues recovery through the U.S. judicially-supervised sale of PDV Holding, Inc. shares (indirect parent of Citgo Petroleum Corp.), with the Delaware court issuing a Sale Order on November 29, 2025 authorizing the sale to Amber MSub LLC for US$5.892 billion total proceeds, of which Rusoro is designated to receive approximately US$400 million cash plus US$650 million convertible notes plus warrants for Amber equity, subject to OFAC approval and pending Venezuela appeal.

The company has no operating revenue and finances itself primarily through non-recourse promissory notes and small non-brokered private placements, with material non-recourse litigation funding provided by a subsidiary of the Calunius Litigation Risk Fund LP under a 2012 Litigation Funding Agreement. Its operational footprint is corporate/administrative only (Vancouver head office), with go-to-market activity consisting of legal enforcement and participation in the court-supervised auction process alongside top-tier legal counsel (King & Spalding, DLA Piper, Kirkland & Ellis, Freshfields) and financial advisors (Rothschild & Co).

Name

Rusoro Mining

Legal name

Rusoro Mining Ltd.

Website

https://rusoro.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Rusoro Mining Ltd. (TSX-V: RML) is a Vancouver-based public company whose Venezuelan gold mining assets were expropriated in 2012; since then, its sole business has been enforcing a ~US$1.55 billion ICSID arbitration award against Venezuela, with recovery now tied to the Delaware court-ordered sale of Citgo parent shares.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Other Metal Ore Mining (212290), Gold Ore and Silver Ore Mining (21222)

SIC

Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Junior gold producer
• Mineral property holdings
• Arbitration award enforcement
• Alluvial vein gold
• Investment treaty claims

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales

Revenue model

1. Arbitration Award Recovery (contingent): Rusoro has no operating revenue since the 2012 expropriation of its Venezuelan gold mining assets. The company's primary potential revenue stream is the recovery of its international arbitration award against the Bolivarian Republic of Venezuela (originally US$967.77 million, valued at approximately US$1.55 billion as of December 2025 with interest). Recovery is contingent on the U.S. judicially-supervised sale of PDV Holding, Inc. shares (indirect parent of Citgo Petroleum), expected to generate US$5.892 billion in proceeds to satisfy creditor judgments, with Rusoro to receive US$400 million in cash plus US$650 million in convertible notes at closing, plus warrants for equity in Amber MSub LLC.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Rusoro Mining Ltd. is a publicly listed junior gold mining issuer that historically held and operated alluvial and vein gold mining concessions in Venezuela (Choco 10 and Isidora mines). Following expropriation by the Venezuelan government effective March 14, 2012, the company has shifted its principal activity to the enforcement and recovery of an ICSID arbitration award originally valued at US$967.77 million plus interest (approximately US$1.55 billion as of December 2025), pursued through the U.S. judicially-supervised sale of PDV Holding, Inc. shares (indirect parent of Citgo Petroleum).

Product overview

Rusoro Mining Ltd. is a single-line mining issuer (not a multi-product platform) whose historical product offering was the exploration, development and operation of alluvial and vein gold mineral properties in Venezuela. The Company's original product portfolio comprised a 95% interest in the Choco 10 Mine (acquired November 30, 2007) and a 50% interest in the Isidora Mine (acquired December 23, 2008, operated as a joint venture with the Venezuelan government), together with the San Rafael – El Placer project referenced in the October 2018 Settlement Proposal. Following the September 16, 2011 Venezuelan Decree reserving exclusive government rights over gold extraction and the March 14, 2012 expiration of all mining concessions, all of these gold-mine products reverted to the Venezuelan government. The Company's current product/asset is the enforcement and monetization of its US$1.550 billion U.S. judgment through the court-supervised sale of shares of PDV Holding, Inc. (indirect parent of CITGO Petroleum Corp.) — comprising US$400 million in cash, US$650 million in convertible notes from the Amber MSub bid, plus warrants for equity in Amber — alongside its ongoing quarterly and annual Financial Statements & MD&A disclosures on SEDAR+. Rusoro continues to be listed on the TSX Venture Exchange (symbol: RML).

Differentiator

Problem solved

Functional benefit

Products and services

• Choco 10 Mine Former alluvial and vein gold mine in Venezuela in which Rusoro held a 95% ownership interest; the property generated Rusoro's historical operating revenue prior to nationalization and is now the subject of ongoing ICSID arbitration award recovery.
• Isidora Mine Former alluvial and vein gold mine in Venezuela in which Rusoro held a 50% interest under a joint venture with the Venezuelan government; produced gold prior to nationalization and is part of the underlying investment that is the subject of the ICSID arbitration award.
• PDVH/Citgo Judgment Enforcement and Monetization Rusoro's principal current value-recovery vehicle: enforcement of an approximately US$1.55 billion U.S. judgment against the Bolivarian Republic of Venezuela through the court-supervised sale of shares of PDV Holding, Inc. (indirect parent of Citgo Petroleum Corp.) to Amber MSub LLC.

Quantifiable outcome

• US$967.77 million original arbitral award (August 2016)
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered contextual / external, core / adversarial, flagship / core and core.

• U.S. Government (U.S. Interior Secretary Doug Burgum, Venezuela policy)contextual / externalOthers · 1 March 2026U.S. Interior Secretary Doug Burgum met with Venezuela's acting President Delcy Rodriguez and executives from foreign mining companies (including those owed billions by Venezuela such as Crystallex, Gold Reserve, and Rusoro Mining) to discuss opening Venezuela to American investment in oil, gas, and critical minerals. Venezuela's national assembly is preparing reforms to its 1999 mining law allowing foreign companies to exploit gold, diamonds, and rare earths - relevant to Rusoro's historical mining investments.
• Gold Reserve Ltd.core / adversarialStrategic or Co-development Partner · 10 November 2025Gold Reserve Ltd. was a consortium partner in the Dalinar Energy credit bid for PDVH shares, alongside Rusoro, Koch Minerals, and Koch Nitrogen. Subsequently, Gold Reserve filed a verified complaint in the Delaware Court of Chancery against Rusoro Mining Ltd., alleging breach of contractual obligations related to the consortium agreement during the Citgo sale process, seeking injunctive relief. Gold Reserve is also a fellow creditor of Venezuela (along with Crystallex and Rusoro) whose judgment debt could benefit from Venezuelan mining law reforms.
• Amber MSub LLCflagship / coreStrategic or Co-development Partner · 1 November 2025Amber MSub LLC is the winning bidder for the U.S. judicially-supervised sale of PDV Holding, Inc. shares (indirect parent of Citgo Petroleum Corp.) to satisfy creditor judgments against Venezuela totaling US$5.892 billion. On closing, Rusoro will receive US$400 million in cash and US$650 million in convertible notes from Amber, plus warrants for equity in Amber. The transaction is subject to OFAC approval.
• Dalinar Energy Corporation (Gold Reserve Ltd.)coreStrategic or Co-development Partner · 1 March 2025Dalinar Energy Corporation, a wholly owned subsidiary of Gold Reserve Ltd., submitted a credit bid to purchase 100% of the common shares of PDV Holding, Inc. (PDVH), with the bid supported by a consortium that included Rusoro, Gold Reserve, Koch Minerals Sarl, and Koch Nitrogen International Sarl. The Special Master did not recommend Dalinar's bid as the 'Stalking Horse' or 'Base Bid', and the subsequent $5.892 billion winning bid by Amber MSub LLC (Elliott affiliate) was approved. Gold Reserve has filed a complaint in Delaware Court of Chancery against Rusoro alleging breach of consortium agreement obligations.
• Koch Minerals Sarl and Koch Nitrogen International SarlcoreStrategic or Co-development Partner · 1 March 2025Koch Minerals Sarl and Koch Nitrogen International Sarl were consortium members supporting the Dalinar Energy credit bid to purchase 100% of the common shares of PDV Holding, Inc. (PDVH/Citgo parent) in the U.S. judicially-supervised sale process. The consortium also included Rusoro Mining and Gold Reserve.
• Rothschild & CocoreImplementation/ SI/ Consulting Partner · 17 April 2024Rothschild & Co was retained by Rusoro Mining Ltd. as its financial advisor to assist the Company in the maximization of the value of its U.S. Judgment in the PDVSA sale process.
• Kirkland & Ellis LLPcoreImplementation/ SI/ Consulting Partner · 17 April 2024Kirkland & Ellis LLP was retained as legal counsel (alongside DLA Piper LLP) to assist Rusoro in the maximization of the value of its U.S. Judgment in the PDVSA sale process.
• DLA Piper LLP (James Berger, Charlene Sun, R. Craig Martin)coreImplementation/ SI/ Consulting Partner · 1 March 2023DLA Piper LLP has represented Rusoro in U.S. appellate proceedings, including the successful Third Circuit appeal affirming that PDVSA is the alter ego of Venezuela. Counsel continued as legal advisor to Rusoro in the PDVSA sale process alongside Kirkland & Ellis LLP.
• King & Spalding LLPcoreImplementation/ SI/ Consulting Partner · 7 September 2017King & Spalding LLP, a leading U.S.-based law firm, was engaged to lead Rusoro's effort to enforce its US$1.2+ billion arbitration award against Venezuela, and to identify Venezuelan government assets that may be seized in aid of the award.
• Freshfields Bruckhaus Deringer (Nigel Blackaby, Noah Rubins)flagship / coreImplementation/ SI/ Consulting Partner · 1 July 2012Freshfields Bruckhaus Deringer represented Rusoro in the international arbitration against Venezuela before the ICSID Additional Facility Tribunal (leading to the US$967.77 million award in August 2016), and continues to represent Rusoro in the Paris Court of Appeal set-aside proceedings, with the support of Teynier Pic.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Market position

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rusoro-mining-ltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rusoro Mining