Two months after reaching a settlement with the Venezuelan government, Gold Reserve Inc. says the agreement between the parties now has been amended so that the Spokane-based mining company will receive its full payoff more quickly.

Under the revised terms, Venezuela has agreed to pay the mining company $1 billion in five installments, with the final amount to be paid on or before June 30, 2017, ahead of the settlement previously announced in August, the company says.

The South American nation owes Gold Reserve $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 mining 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 revised settlement agreement calls for, Venezuela to pay Gold Reserve $300 million on or before Nov. 30, $470 million on or before Jan. 3, $50 million on or before Jan. 31, $100 million on or before Feb. 28, and $90 million on or before June 30.

The prior settlement called for Venezuela to pay Gold Reserve $600 million on or before Oct. 31, and $170 million on or before Dec. 31. The $240 million mining data was scheduled to be paid in four quarterly installments of $50 million beginning Oct. 31, with the final payment of $40 million due by Oct. 31, 2017.

A press release announcing the settlement revisions said the Gold Reserve executive team, led by CEO Rockne Timm, President Doug Belanger, and Board Chairman James H. Coleman has been in Caracas working with their Venezuelan counterparts to conclude an agreement acceptable to both parties.

“The many days and months of meetings have resulted in an agreement that positions the parties to move forward and build a major class gold property that will benefit both Gold Reserve shareholders and the people of Venezuela,” Timm said in the press release.

What remains to be seen is whether Venezuela, a country of 32 million people, will be able to come up with the money. It’s in the midst of an escalating political confrontation as the deeply unpopular socialist administration struggles to stay in power and a newly energized opposition tries to bring about change this year, says previous reporting by the Associated Press.

President Nicolas Maduro and his supporters have blocked critics from staging a presidential recall referendum this year, and all but nullified the opposition-controlled congress. The opposition says the country has become a dictatorship, causing government critics to stage a series of mass street protests, the AP reports.

The International Monetary Fund recently said Venezuela’s economy is predicted to decline by 8 percent and forecasts inflation will rise into four digits next year.

Gold Reserve says it remains optimistic about developing the mine there despite Venezuela’s challenges.

In a press release in August, Belanger said, “This settlement allows us to proceed with the tremendous opportunity for the company and Venezuela to jointly develop the Brisas Cristinas gold, copper deposit while providing Venezuela a great opportunity to attract new foreign direct investments due to the set of policies and regulations approved by the administration for the mining industry.”

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.

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.

In December, a U.S. District Court in Washington, D.C., ruled against Venezuela as it sought to dismiss Gold Reserve’s international judgment award of $740 million.

Under the terms of the settlement, Gold Reserve can terminate the agreement if payments aren’t met within the agreed time frames.

Separately, the company said in the latest press release that Gold Reserve and Venezuelan representatives met Oct. 28 in the first meeting of the board of directors of the next mixed company “to immediately initiate the development of the mine activities needed to commence construction as soon as possible.”

The government of Venezuela owns 55 percent of the mixed company, and a wholly-owned subsidiary of Gold Reserve owns 45 percent.