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A British Virgin Islands commodities firm has won confirmation in Florida federal court of its nearly $188 million arbitral award against a Venezuelan state-owned mining company after it failed to enter an appearance in the case filed late last year. U. S. District Judge Darrin P. Gayles ordered Wednesday that Commodities & Minerals Enterprise Ltd. , a company incorporated under the laws of the British Virgin Islands, is entitled to $187. 86 million plus interest from CVG Ferrominera Orinoco CA after an arbitration panel concluded that the Venezuelan company failed to honor an iron ore management contract . Full Text -> Law360
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