Canadian CSR Strategy for International Extractives

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Gold Reserve ICSID Arbitration Update

On July 23, 2014, Gold Reserve Inc. announced that the arbitral tribunal in the International Centre for Settlement of Investment Disputes (ICSID) case has declared the proceedings closed. Gold Reserve claims damages of approximately $2.1 billion, including interest.

As part of this case, Mehrdad Nazari, Prizma’s Senior ESIA and Sustainability Advisor, was engaged by White & Case LLP to serve as an expert witness on ESIA aspects related to the IFC Performance Standards and Equator Principles.

You can access Gold Reserve recent media release here: Gold Reserve Announces Proceedings in ICSID Arbitration Case with Venezuela Closed by Tribunal. You can read about Prizma's other projects here.

22 Sep 2014 update: Gold Reserve Awarded $740.3 Million by ICSID for the Expropriation of the Brisas Project by Venezuela


Lucara Diamond Publishes 2013 Sustainability Report

Lucara Diamond Published 2013 Sustainability Report.pngRecently, Lucara Diamond Corp, a new diamond producer, published its second sustainability report. It highlights the sustainability performance of Lucara’s flagship and producing operation, the Karowe Diamond Mine in Botswana. (Shortlink:

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Postcard from Burkina Faso by Bill Kennedy

In the early 1990s, on a trip to Moscow for the European Bank, I was given a personal tour of the Kremlin’s gold chamber where the most precious gold crowns, scepters and church utensils were manufactured for the Czar’s courts.   “Unbelievable” I exclaimed to my guide, “I had no idea you had created such treasures.” “Really?” he replied, “Why are you surprised? Russia is not Burkina Faso!” Read More

Eco Oro – formerly Greystar – Angostura gold under IFC CAO Review

Eco Oro Angostura Project under CAO Review

In April 2011, I posted a blog entitled IFC-owned Greystar/Angostura gold development in trouble and wondered if  IFC’s Ombudsman/Advisory Ombudsman (CAO) office (or others) would be asked to review why and how IFC proceeded with a $12 million equity investment in this project, which became reincarnated as Eco Oro Minerals Corp (TSX: EOM). Read More

Visiting Yuri Gagarin’s Bust – Postcard from Kyrgyzstan

Mehrdad Nazari visiting Yuri Gagarin Bust in BarskoonAs the negotiations around the Kumtor Gold Mine are continuing with more audits and inspections, I had a chance to stop for a picture at one of the more famous tourist sites in the Barskoon valley: a bust from Yuri Gagarin, the first human to journey into outer space in 1961.  - (Shortlink:   Read More

Equator Principles (EPIII) and IFC Performance Standards Training Courses

Equator Principles EPIII and IFC Performance Standards Training Course

Following successful courses delivered in London (hosted by Parsons Brinkerhoff on 21 Sept) and Toronto (hosted by TD Bank on 29 Oct), Prizma was commissioned by a confidential client to deliver a 1-day training courses on the Equator Principles (EPIII or EP3) and the IFC Performance Standards (2012) on December 19th, 2013 in Europe. Please contact us if you are interested in hearing about our future courses. - Shortlink is

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Gold Reserve ICSID Arbitration Update

Gold Reserve provides an update about its Request for Arbitration under the Additional Facility Rules of the International Centre for Settlement of Investment Disputes (ICSID) filed in Nov 2009 and  seeking compensation totaling approximately US $2.1 billion.

22 Sep 2014 update: Gold Reserve Awarded $740.3 Million by ICSID for the Expropriation of the Brisas Project by Venezuela


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Sustainability Reporting for Lucara Diamond Corp

Prizma has been retained to assist Lucara Diamond Corp. to generate its inaugural sustainability report. The producing asset of Lucara is the Karowe diamond mine. It is located in the Boteti Sub-District in Botswana. This mine is an open-pit, hard rock mine with a mine life of 15+ years. -Lucara’s 2012 Sustainability Report was web-posted in early April 2013 and can be accessed here.

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Rangers, poachers decimate Snow Leopards, but Kumtor Mine gets NGOs’ attention

A recent report by the ‘Japarov Commission’ set up to investigate Centerra Gold’s Kumtor project following calls for renegotiating or nationalizing the mine provides for sober reading. It's rangers, poachers and shepherds – not Kumtor – that have decimated snow leopards and its prey. Will this be a story with a happy ending? Read More

Kyrgyz Prime Minister Babanov Visited Kumtor Mine – and me too!

In July 2012, Centerra Gold hosted a visit by Kyrgyz Prime Minister Babanov, parliamentarians, experts and media to the Kumtor mine. This followed a Governmental decree issued a day earlier which cancelled a prior decree granting Kumtor certain surface rights in relation to the project. Read More