In 2008 the Venezuelan government revoked previously issued permits for the development of Brisas. Gold Reserve filed a Request for Arbitration under World Bank in 2009 to reclaim its ownership of and the right to develop the project. In February 2016 the company and the government signed an MOU on the Brisas and Las Cristinas projects. Under the terms of the agreement the government agreed to pay the ICSID award to Gold Reserve and will form a JV (45% Gold Reserve 55% Venezuelan Government) to develop Brisas and Las Cristinas as a joint project. In July 2016 Gold Reserve executed the Settlement Agreement with the Venezuelan government which included payment of the Award with interest amounting to US$770 million and purchasing Gold Reserve's mining data for US$240 million.