Canadian mining company Gold Reserve Inc said on Monday it has raised the amount it is claiming from Venezuela for seizing its two gold projects to $2.1 billion from $1.9 billion.

The company filed for arbitration in late 2009 under the World Bank's body for international investment disputes after President Hugo Chavez's government expropriated its Brisas and Choco 5 mining projects.

Gold Reserve said the revised amount reflect updated interest calculations to reflect its losses as of June 30 this year.

The company said it was open to an amicable settlement outside of the arbitration process that would compensate Gold Reserve for its losses and possibly allow it to retain an interest in the project in exchange for technical information.

"Any settlement would only be accepted if it were beneficial to the shareholders and stakeholders of the company. Our objective is to pursue both the arbitration and settlement until the process is concluded," the company's president Doug Belanger said in a statement.

Chavez's socialist government has taken over many enterprises in the Latin American OPEC member, from small businesses to heavy crude projects worth billions of dollars, leaving a trail of lawsuits and arbitration cases, principally being handled by the World Bank's International Center for Settlement on Investment Disputes (ICSID). (Reporting by Louise Egan; Editing by Gary Hill)