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Gold Reserve files complaint against Rusoro for alleged breach in Citgo auction
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Gold Reserve files complaint against Rusoro for alleged breach in Citgo auction
Nov 10, 2025 7:08 AM

HOUSTON, Nov 10 (Reuters) - Toronto-listed miner Gold

Reserve ( GDRZF ) said on Monday it filed a complaint in a

Delaware court against Rusoro Mining ( RMLFF ) for alleged breach

of its contractual obligations under a consortium agreement to

submit a bid for the parent of U.S. refiner Citgo Petroleum in a

court-organized auction.

A $5.9 billion bid by an affiliate of Elliott Investment

Management was recommended as the auction's winner in August,

beating Gold Reserve's ( GDRZF ) $7.9 billion bid. The process aims to

auction Venezuela-owned PDV Holding to compensate up to 15

creditors for expropriations and debt defaults in Venezuela.

Both offers included an agreement with Rusoro to use its

$1.5 billion claim related to expropriated assets in Venezuela

as part of the bids. Delaware Judge Leonard Stark has not made a

decision on the auction's winner amid objections and challenges

to the bidding process.

"Gold Reserve ( GDRZF ) is seeking preliminary injunctive relief to

enjoin Rusoro from participating in the sale process during the

pendency of the action, among other forms of relief," the miner

said in a release.

Gold Reserve's ( GDRZF ) complaint was filed under seal in the Court

of Chancery of Delaware. The company and parties representing

Venezuela last month filed motions to disqualify the judge and

court advisors over alleged conflict of interest, which remain

pending.

Lawyers representing Rusoro did not immediately reply to a

request for comment, but they informed the Delaware court over

the weekend about Gold Reserve's ( GDRZF ) complaint and said the company

was reviewing the documents while reserving its rights to take

any actions.

Gold Reserve ( GDRZF ) is seeking "to prevent Rusoro Mining ( RMLFF ) from

taking steps to close on impending purchase of the shares of PDV

Holding," Rusoro told the court.

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