After years of litigation followed by several delays, Spokane-based Gold Reserve Inc. says it has received an initial payment of $40 million from Venezuela as the strife-ridden South American nation struggles through economic and political hardships.

Additionally, the company and Venezuela soon will finalize another settlement agreement that will enable the country to pay off Gold Reserve in two years, says company President Doug Belanger.

“We expect to have it finalized by the end of the week,” Belanger says. “It will be a series of monthly payments with a balloon payment at the end.”

Belanger says Venezuela wired the $40 million to Gold Reserve on the morning of June 15. Gold Reserve is incorporated in Canada, but it has its executive offices at 926 W. Sprague in downtown Spokane.

“Under the terms of the amended settlement agreement, Venezuela will pay Gold Reserve a total of approximately $1 billion as a result of negotiations of the parties to satisfy the arbitral award granted in favor of the company,” a Gold Reserve press release says.

Last August, the mining company reached a settlement with Venezuela on a $777 million judgment secured after international courts ruled the government there unfairly expropriated Gold Reserve’s primary development property. Venezuela also has agreed to buy Gold Reserve’s mining data for $240 million for what was previously known as the Brisas Cristinas project.

At the request of Venezuelan President Nicolas Maduro, the project was renamed Empresa Mixta Ecosocialista Siembra Minera.

Since reaching the initial agreement, Venezuela has had to restructure the agreement at least three times, including this most recent settlement.

The first settlement agreement reached last August called for Venezuela to pay Gold Reserve $600 million on or before Oct. 31, 2016, and $170 million on or before Dec. 31, 2016. The $240 million mining data was scheduled to be paid in four quarterly installments of $50 million beginning last Oct. 31, with the final payment of $40 million due by Oct. 17 this year.

But last November, Gold Reserve announced a revised settlement in which Venezuela would pay it $300 million on or before the end of that month, $470 million on or before Jan. 3 this year, $50 million on or before Jan. 31, $100 million on or before Feb. 28, and $90 million or before June 30.

Gold Reserve says it invested $300 million into the Venezuelan project from the early 1990s to the time the project was expropriated in 2008.