A Bermudian-listed mining company is weighing up the implications of an American court ruling that upheld billions in contested Venezuelan debt.

Judge Katherine Polk Failla of the Southern District of New York ruled today that Petróleos de Venezuela could not escape repayment on its 2020 bonds by arguing the debt was unconstitutional under Venezuelan law.

The decision grants partial summary judgment to the bondholders and confirms the validity of the $3.4 billion notes, which are secured by a majority stake in American refinery, Citgo. The court reserved judgment on related counterclaims and the effect of New York law.

Gold Reserve Ltd, which trades on the Bermuda Stock Exchange as GRZ.BH, said it was reviewing the potential impact of the ruling. “The company will provide further updates as they become available,” it said in a statement.

The Canadian-founded miner has been locked in a long-running battle with Venezuela since the expropriation of its Brisas gold and copper project in 2008. In 2014, the World Bank’s arbitration court awarded Gold Reserve more than $700 million in compensation, which the company has pursued through enforcement actions in the US and elsewhere.

For Gold Reserve, the outcome could affect its strategy as it seeks to recover its award.