A tribunal under the World Bank International Centre for the Settlement of Investment Disputes had awarded the company damages plus interest of about US$1.2 billion in August 2016. 

In March this year, a US District Court found in favour of Rusoro converting the tribunal award to a US judgement that could be executed against Venezuela's assets.

With interest, the total then exceeded US$1.3 billion.

Rusoro's new lawsuits allege Venezuela orchestrated a series of fraudulent transactions to remove the country's assets from the US, including forcing affiliates to take on debt that left the US companies ultimately insolvent.

"While Rusoro would prefer a consensual resolution of its dispute with Venezuela, if Venezuela continues in its refusal to settle its debts to Rusoro on a consensual basis, Rusoro will continue to take all measures available to it to enforce the judgments and, if necessary, to seize Venezuelan assets in order to satisfy them," president and CEO Andre Agapov said.

He said Rusoro had served extensive discovery against Venezuela in the US designed to locate Venezuelan assets around the world. 

"Based on the information obtained in discovery, Rusoro will pursue enforcement against Venezuela in any country where it maintains assets until Venezuela has satisfied the award in full," Agapov said.

Rusoro said it had gained $7 million in financing earlier this year to help fund its fight and the amount plus fee would only be payable upon a final settlement of the arbitration claim.

Its Choco mine had produced 53,194 ounces of gold in 2011 at a cash cost of $1,568/oz, compared with 90,087oz at $701/oz in 2010. This was due to less tonnes mined, as a 2011 decree prohibiting gold exports forced the company to sell gold locally and created US dollar cash flow constraints.

The same year, its Isidora mine - which had become a 50% joint venture with the government - had produced 11,245oz with a headgrade of 11.36g/t at a cash cost of $1,696/oz, partly due to Venezuelan inflation.

Rusoro's shares have ranged between C6-22c over the past year and last traded at 8c, capitalising it at $43.6 million.

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