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Gold Reserve goes against Rusoro for alleged contract breach in Citgo auction
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Gold Reserve goes against Rusoro for alleged contract breach in Citgo auction
Nov 10, 2025 5:57 AM

HOUSTON (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 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. 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.

"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.

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