Anglo American: Redress sought from Venezuela

Anglo American is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancellation of mining concessions by late president Hugo Chávez’s government. The International Centre for Settlement of Investment Disputes 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 to 2013 Chávez era. He died from cancer in 2013, with protegé Nicolás Maduro winning an election to replace him. The best-known cases are multibillion-dollar compensation claims by ExxonMobil and ConocoPhillips over nationalisations. Anglo had a 91.4 percent stake in the Loma de Niquel project until the government stopped 13 concessions and refused to renew three others, says its website. There was no word from the company, or Venezuela’s government, on the case. The shares gained 6c to R270.06 on Friday. – Reuters