While Spokane-based Gold Reserve Inc. reached a settlement last August with Venezuela on a $777 million judgment, the South American country since then has had to restructure the agreement and now has missed two payments to the Spokane-based company.

Most recently, it missed a scheduled payment on Jan. 3.

Doug Belanger, president of Gold Reserve, declined to comment on the payment status, or on the company’s continuing discussions with Venezuelan government officials, other than to say, “We’re still working on it.” 

Gold Reserve can terminate the agreement if payments aren’t met within the agreed time frames, the company has said previously.

Venezuela owes Gold Reserve the $777 million 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, and the two parties have formed a mixed company for what is called the Brisas Cristinas project.

Located in southeastern Venezuela, Brisas Cristinas is expected to be the largest gold mine in South America and one of the largest in the world, once it’s developed.

The initial settlement 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. 31, 2017.

But last November, Gold Reserve announced a revised settlement in which Venezuela would pay it $300 million on or before Nov. 30, 2016, $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 on or before June 30.

What remains to be seen is whether Venezuela, a country of 32 million people, will be able to come up with the money. The country is in the midst of a political confrontation as the deeply unpopular socialist administration of President Nicolas Maduro struggles to stay in power, according to reporting by the Associated Press.

The International Monetary Fund at the end of last year said Venezuela’s economy is predicted to decline by 8 percent in 2017, and it forecasted inflation will rise into four-digit percentages.

Gold Reserve is incorporated in Canada, but has its executive offices at 926 W. Sprague in downtown Spokane.

The company says it invested $300 million into the Venezuelan project from the early 1990s to the time the project was expropriated in 2008 under the government of former socialist president Hugo Chavez, who died in March 2013.

Later in 2008, Gold Reserve sued the Venezuelan government for $2.3 billion, and the company secured an international judgment of more than $700 million against Venezuela in 2012.