Venezuela prayed
24-08-2010 golden marketActuality, news Venezuela, and press clippings on the mining and the golden market in Venezuela.
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24-08-2010 BCE
Millennial gold of the Ecuador in Venezuela
11-08-2010 to 14-11-2010. With big success Millennial Gold of the Ecuador inaugurated the sample in the facilities of the Central Bank of Venezuela in Caracas. The religion of the ancient peoples of the Ecuador was the axis of all the creations that can be observed in the exhibition. They can be in temples, adoratorios and sacred objects that they accompanied to the deceased to further away. Also the metals have their own religious meaning, in addition to the energy load for the balance of the nature, fundamentally for us the human beings.
Several investigators, as well as the current indigenous peoples, assign them to the religious important metals in accordance with his characteristics.
The metals are related to the sacred simbología of the colors: the gold is related symbolically to the sun, eternal giver of life and the light that it radiates in the planet; the colors of the gold represent us the different hours of the day: the yellow gold with the dawn, the whitish gold with half of the day and the red gold with the evening.
The silver and the platinum are related to the white and silver color, to the phases of the moon, the colors of the night; that influence also the life of the planet.
* Central bank of Venezuela
* Central bank of the Ecuador
* Virtual museum and Library Banco Central of the Ecuador
18-08-2010 last News
Venezuela raises quota golden exportation to 50 %
The mine-layers who operate in Venezuela will be able to export up to 50 % of the gold that produce, from the previous one 30 %, informed the Government in the Official Gazette, in a decision that he thinks about how to attract investments to the Venezuelan mining sector.
Also, the Central Bank of Venezuela authorized the mine-layers of major scale to preserve 50 % of the currencies that they obtain for sales abroad, liberating them of a previous norm that was forcing them to liquidate the whole that they were depositing to the country.
The Government of the president Hugo Chávez tries to reduce his dependency on the oil and bring over to the mining to strategic Allied Forces like Russia and China.
“The natural or juridical persons authorized by the competent national authority to commercialize gold and his alloys (…) will have to offer obligatorily in sale to the Central Bank at least 50 % of his auriferous production”, said the issuer.
“50 % remainder will be able to be exported”.
To increase the exportation quota allows to the mine-layers to improve his income in currencies, what makes the business more attractive in a country where it governs an exchange control from 2003, which limits the possibility of repatriating benefits.
The Russian mine-layer Rusoro, principal exporter of gold in Venezuela, said that it had come to an agreement to modify the norm that was affecting his foreign sales and hence, an investment planned for the next two years of 200 million dollars.
“It is very positive news. (…) the possibility gives Us to the companies of canceling in the exterior the commitments in currencies that we acquire lately for the buy of stores, machineries and inputs”, said to Reuters the Rusoro president in Venezuela, Andrea Padovani.
Venezuela makes sure that he needs the gold to support the level of his international reservations, which at the beginning of year were adding 364 tons, what it places to Venezuela like the twelfth country with major golden reservations in the world and the first one in Latin America.
11-08-2010 BCV
Venezuela - Comercializadores of gold will have to sell obligatorily 50 % of production to the BCV
In accordance with the established in Official Gazette N ° 39.485 of date on August 11, the natural or juridical persons authorized to commercialize gold and his alloys, in bars, ruined, rich, manufactured or in any other form,
they will have to now sell obligatorily to the BCV at least 50 % of his auriferous production inside every trimester calendar.
Another 50 % will be able to be exported by authorization of the issuing entity.
If this possibility is not granted him, this percentage will have to be offered also to the BCV.
BCV Norms Diet Commercialization I Pray
GAZETTE OFFICER: # 39.485 of August 11, 2010
ISSUING ENTITY: Central bank of Venezuela
NORM: Resolution Nº 10-07-01 of date on July 15, 2010
OBJECT / TITLE: Norms on the Diet of golden Commercialization and his Alloys
VALIDITY: From his publication in Official Gazette N ° 39.485
Linkage Banco Central of Venezuela:
* 1 (PDF) Resolution N ° 10-07-01. Norms on the diet of golden commercialization and his alloys
and
* 2 (PDF) Exchange Agreement N ° 12 - Published in Official Gazette N ° 39.485
18-05-2010 BCV
Venezuela will increase the golden production to 15 tons
The minister of Basic Industries and Mining of Venezuela, José Khan, has announced that Venezuela has imposed on itself like goal to raise the annual production of gold of 4:2 current tons to 10 tons next year 2011. The production volume might then be trebled and come to 15 tons in 2012.
Venezuela is provided at present with a few reservations of 360,70 tons physical gold.
The restructuring of industry of the sector that the Executive promotes includes, as for gold, a repression work to the illegal mining, what it has derived in deportations of miners proceeding from Brazil, Colombia and Guyana, principally, that are part of “national and transnational mafias”, according to Chávez.
17-05-2010 RevistaMinera
Venezuela will exploit iron, steel, bauxite and gold with China
Hugo Chávez announced the creation of a structure mixed enterprises small stone - Venezuelan for the development of iron, steel, gold, aluminum, bauxite and coal. He mentioned that a commission of high level originated from the Asian country covered on eve the mines of iron of Venezuela. They remained amazed therefore they saw, there are finished hills of iron, a gigantic reservation, China needs a lot of iron, very much I steel. The Chinese experts covered on Sunday the area of the gold, being interested in impelling the auriferous production.
Venezuela advances today in an important restructuring of his basic companies with a process of nationalization and elimination of the tercerización, along with large investments to face the crisis of the sector.
As center of the program the president of the executive defined the industrial town of Guyana, in the center of the country, which agglutinates companies of iron, aluminum and others much struck by the landslide of the international prices.
In the Belt Ferrífero Guayanés the most important deposits of this mineral are in the country, in this region there are located also large deposits of gold, bauxite, between other valuable resources.
16-05-2010 BCV
Venezuela - Norms on the Diet of golden Commercialization and his Alloys
A resolution of the Central Bank of Venezuela (BCV) of May 5, 2009 establishes that at least 70 % of the gold extracted legally in Venezuela must be destined for the internal market and only the remainder 30 % can be exported.
Of 70 % percentage that must remain in Venezuela, two third parts must be dedicated to the BCV and the remainder “to the sector national transformer”, details the text of the so called resolution “Norms on the Diet of golden Commercialization and his Alloys”.
25-04-2010 Terra
Venezuela - Chávez threatens to nationalize gold-mines to avoid environmental crimes
Venezuela might nationalize the development of gold and diamonds in the deposits of the been Bolivar (south) to avoid the environmental disasters in the area, where it predominates over the illegal mining, the president Hugo Chávez warned.
“If we are going to exploit the gold it will be necessary to nationalize all that, to recover and to finish with the authorizations, which it was a degeneration here: authorizations so that they should finish the forests, the mines, the waters, the ambience”, said Chávez.
Chávez denounced that illegal miners extract gold and diamonds of Venezuela without paying taxes, and also they contaminate the waters and the mercury ground and hire "enslaved" labor. “It is the most fierce capitalism. This has to be finished.”, it pointed out.
In Venezuela, 60 % of the golden production is obtained of hands of informal workpeople, according to numbers of the Central Bank (BCV).
29-03-2010 he was investing
Venezuela studies to express bonds endorsed with golden reservations
The government of Venezuela studies to express “this year 2010 ″ stocks of public debt leaned back on the "important" reservations of gold of the country, reported the minister of Basic Industries and Mining Rodolfo Sanz.
“We are provided with an extremely important auriferous reservation. So that against that we can express bonds. We are working and studying the possibility of doing the emission with the Central Bank of Venezuela (BCV) and we wait for instructions of the president (of Venezuela, Hugo) Chávez. We want to turn this sector into the second source of income of the country.”, told Sanz to journalists.
07-03-2008 the Tribune
Venezuela plans to produce 170 tons of gold
Venezuela it reckons to invest nearly 300 million dollars in the import of teams of mining to extract 36 tons of gold a year. Investigations realized in a series of ancient mines, reveal reservations of about 170 tons in the southern Bolivar state. The golden deposits in Venezuela are in the State of Bolivar. Rodolfo Sanz, the minister of Mining of Venezuela, announced that the government will invest 300 million dollars for a project of production of gold with which they hope to obtain a comeback of between 5,000 and 6,000 million dollars in 4 years, if the prices are supported concerning 1,110 dollars for ounce troy.
On the other hand the following information:
The golden buys of the BCV have diminished in the last years. In 2009 the regulatory entity acquired 2,07 tons, opposite to 2,81 in 2008 and 4,64 in 2007.
07-03-2008 the National
Venezuela - BCV foresees to express qualifications with support in gold
The Central Bank of Venezuela (BCV) reckons to realize the qualifications emission with support in gold the director reported, José Khan indicating that up to the date this type of emission of qualifications has never been experienced in the country. He told that of being provided with the quantity of gold necessary to endorse it, they will initiate the starting of the initiative, probably after the 2nd semester of 2010.
06-03-2010 BBC
Venezuela: from the black gold to the gold to dry seasons
Interrogated by BBC World if this official impulse to the auriferous development will be translated in an increase of the development on the part of the individuals - passing to a species of “fever of the gold” - the manager of the BCV, José Khan, pointed out that “there have always been deposits” and that what the bank wants to avoid is that “the gold ends up by entering to the reservations of other countries”.
05-03-2010 PO
Seminar for journalists on gold
The Central Bank of Venezuela has offered a seminar on gold for journalists. The event has taken place between the first days of the March, 2010. In the new web of the BCV on the gold it is possible to unload 8 documents PDFs.
04-03-2010 BCV
Venezuela - The history and the regulation that governs the auriferous matter they were tackled in the BCV
The gold has been linked to the history of the Central Bank of Venezuela (BCV) from the foundation of the governing entity of the monetary policy in 1940. In 1986 “the tie was reaffirmed between the gold it reserves and the domestic gold, by means of the creation of the Unit of Analysis and Commercialization of the Gold in the issuing institute. At present, two matters are converging in such a way that the domestic production of the auriferous metal drives to a consolidation and strengthening of our international reservations”.
03-03-2010 BCV
Venezuela will invest 250 million dollars in auriferous plan
The Central Bank of Venezuela reckons to invest, together with the Department of the Popular Power for Basic Industries and Mining (Mibam), 250 million dollars in an auriferous plan unnaturally sustentable, like part of his actions to develop the internal market of the gold.
02-02-2010
Venezuela - More than 1.900 commerce persisted already to speculate on prices
The state organism of protection to the Venezuelan consumer Indepabis has sanctioned with temporary closing to more than 1.900 commerce that incurred supposed "speculation" after the coming into effect, three weeks ago, of a strong monetary devaluation, reported official spokesmen. Last January 11 it began to govern a new dual change system in Venezuela, with controlled valuations of 2,6 and 4,3 bolivars for dollar, what meant a 20,9 and 100 per cent devaluation opposite to the previous only valuation of 2,15 bolivars for currency. The change of 2,6 is applied for goods and basic considered services, like medicines and food, between others, while the valuation of 4,3 is applied “to everything else” qualified like not essential, according to the official explanations.
27-01-2010 EcoDiario
Venezuela - Chávez names new vice-president
The president of Venezuela, Hugo Chávez, has nominated Elías Jaua an executive vice-president of his government in replacement of colonel Ramón Carrizález, who presented the resignation on Monday for personal reasons. Elías Jaua will combine the new charge with that of the minister of Agriculture and Earths, which it was already occupying.
17-01-2010 LD
Venezuela - Chávez will expropriate the commerce Success, of Colombian and French capital
Chávez has given one more step after Success announced the expropriation of the chain of supermarkets. It already has thought-out the name of the state chain that it will put in his place.
Chávez asked to "accelerate" the modification of the current law of protection to the consumer to be able to limit the capture of the chain, and to use his facilities to install the new network of distribution and retail sale Comerso.
16-01-2010 the Country
Venezuela - Chávez remodels his economic team in full electrical crisis
The Venezuelan president fuses the portfolios of Planning and Finance, the new minister of Energy names.
16-01-2010 you obtain
Venezuela announces increase of 25 % in the minimum wage
The Venezuelan president, Hugo Chávez, there is anuncido an increase of 25 % of the minimum wage, at present of 967 bolivars (371,9/224,8 dollars) applicably in two stretches, the first one of 10 % on March 1, and a second of 15 % next September 1.
16-01-2010 you obtain
Venezuela - Chávez affirms that the devaluation will force to lower the local prices
Hugo Chávez, has affirmed that the strong monetary devaluation applied in the new system of controlled dual change, has the strategic target to lower the valuation of the dollar exchanges or free and, consistently, the prices on the local market.
“It is a devaluation revaluadora.”
The value of the “dollar exchanges” it is given by the quotation of debt roles and other financial instruments nominated in currencies, and a current local law prohibits to spread publicly his valuation, although local media and enclosed Chávez have referred to her.
The chief quoted released information this Friday for the local economic press according to which the “dollar exchanges fell down from 6,40 to 5,8 bolivars” after the Central Bank of Venezuela (BCV-Issuer) threw two auctions, yesterday and on Wednesday, of the new “exchange bonds” for 50 million dollars each one.
“The plan is to take to 4,30 (bolivars) the dollar there exchanges” which, the president added “it became even of 7 bolivars, 8 bolivars” and “they (the merchants) based on that (the valuation exchanges) marked the prices” of the products.
For it, it affirmed Chávez, his Government what it has done “in fact is a reappraisal of the bolivar” with the current devaluation from the last Monday.
It admitted that so that the exchange measurements should supply the wished effect it is necessary that the Commission of Administration of Currencies (Cadivi) achieves “to give without delay the dollars” to the market.
“We have fortitude for that: international reservations in more 30.000 million dollars, and oil prices” superior to 70 dollars the barrel, he assured.
Also, stood out Chávez, the Government “it has protected of the inflationary impact” of the devaluation “to the village and to the consumption of the first need”, because the food, the medicines and other essential titles will be imported and produced by dollar to “2,6 bolivars”.
“What the state chains of food distribution have to import” “PDVAL or Mercal, is going to import it to 2,6 bolivars for dollar, and also the private sector as soon as it is food, medicines” and other qualified products like essential.
“Then, it is absolutely false that the people lost half of his purchasing power”, as analysts and local economists affirm on the impact of the devaluation in the pockets of the Venezuelan.
Local analysts have pointed out that inevitably the strong monetary depreciation will force to an increase of the prices, which might impel the inflation even about 50 % this year.
The inflation closed in 2009 with valuation of 25,1 %, lower than 30,9 % of 2008.
Chávez repeated also that new note exchange with two controlled valuations, he thinks about how to impel the national production and the exports, and that for it it created a fund with 1.000 million dollars to support the projects of productive investment.
14-01-2010 the New Spain
Chávez is afraid of the stagflation
Venezuela is afraid of the stagflation (an economic recession with high inflation). Chávez has devaluated the national currency, the bolivar, in 50 % (since he is a president, 11 years ago, it has lost 90 % of his value). That will affect the Venezuelans and will have consequences also in Spain that in the years chavistas has multiplied by 15 the investments in the country. Repsol did in the Gulf of Venezuela the biggest discovery of gas of his history, the Pearl I, a reservation equivalent to the whole gas consumption of Spain for five years. Phone companhy, Meliá, Mapfre, Iberia or BBVA were waiting for currencies to bring to Spain the benefits, which now stay in the half. To Phone companhy the devaluation has bitten 5 % of his entire benefits.
13-01-2010 LD
Venezuela - Insurance: 8,1 % Qualification (S&P): BB -
The subsidence in images …
13-01-2010 universal
IMF: Devaluation of the currency is a good step for Venezuela
The recent devaluation in the currency of Venezuela is the “important first step” towards revertir a fall in the economic conditions of the country in the last year, said the chief of the mission of the International Monetary Fund (IMF) for the nation. “New measurements to start the only exchange system would help to improve the economic efficiency. Actions in the fiscal and monetary areas also would help to assure that the country could make use of the benefits of the measurements of change”, said Jorge Guzmán, chief of the mission of the IMF for Venezuela.
12-01-2010 Reuters
Devaluation Venezuela might change I balance power
The strong devaluation that will strike the pockets of the Venezuelans might increase the possibilities that the opposition returns to the legislative assembly that stopped four years ago, thought the mayor of Caracas, an out-standing adversary of the Government. According to Ledezma, who has long life in the Venezuelan politics and he received leading role after gaining the mayoralty one year ago, even the "chavistas" might look for a political turn after 11 years of “socialistic revolution” and four of a National Assembly that endorses all the Chávez proposals. The legislative election is foreseen for September 26 and although Chávez trusts in the victory, in the bosom of his party he doubts that they could remain with 2/3 you depart from the curules that it allows him to approve organic laws.“ There are the people who could have sympathies as the president Chávez but who does not agree with the way as one has handled the Parliament, which has turned into a 'ghetto' of radical sectors”, he warned. “One wants a Parliament that it deals with controlling to the Executive power”, he added.
12-01-2010 new Press
Venezuela - The Labour Movement before the devaluation of the bolivar
The decision to devaluate the bolivar presented on Friday, the 09-01-10th by the President of the Republic signífica for the people serious consequences. (recommended his reading)
11-01-2010 Reuters
Venezuela will take control of banks that they trump
The Venezuelan president, Hugo Chávez, said that his Government will take any bank that fails, and warned that an institution, to which he avoided to name, approaches dangerously the limit, to a few weeks of a minicrisis that it demolished to 8 small banks. From November, 2009, the Government took control of 8 banks for problems of solvency and capitalization but they had together all of them only about 8 % of the deposits of the system.
“There is a bank that is approaching dangerously. The sabe who is, and they are not going to be blackmailing me, that ’if my bank falls down, the system falls down’”.
“We are already proven. Banker that one slips I take from him the bank of the size that is”.
A ten bank executives is imprisoned for the investigations against the taken control institutions, including to Ricardo Fernández Barrueco, who was supporting wide business with the Government, and Arné Chacón, brother of the near minister of Chávez who left the Office for the scandal. Fernández and Chacón were leading two financial groups that were grouping the set of banks.
Venezuela opened in December, 2009 the new state bank Bicentenary fusing 3 of the taken control entities, what strengthens the state participation in the sector.
The banks Confederated, Bolivar and Head office - enclosures from November 2009-, and the state Banfoandes they are in the Bicentenary.
Chávez threatened last year to nationalize the banking if it finds nonperformances of the law, but then it smoothed his speech. Also he invited the bankers to devote himself to other financial activities and deliver the institutions.
07-01-2010 BCV
Venezuela closed 2009 with an inflation of 25,1 %
Venezuela registered in 2009 an inflation of 25,1 %, lower than 30,9 % registered in 2008, reported the Central Bank of Venezuela (BCV).
The year 2009 marked an important decrease in the inflationary pressure of Venezuela, and coordinated economic policy efforts will keep on being realized to consolidate this tendency in 2010.
The Venezuelan government foresees an inflation of between 20 and 22 % for 2010.
For sectors, in December, 2009 significant increases registered in the prices of goods and services (3,2 %), transport (2,3 %), dressed and wearing shoes (1,9 %) and recreation and culture (1,9 %).
07-01-2010 Latin press
Euro MP warns: "Europe has a false vision on Venezuela”
The vice-president of the European Parliament, the Spanish politician Miguel Ángel Martínez made sure here that in the old continent there exists a vision distorted on the Venezuelan reality and the political process headed by Hugo Chávez. In Europe what refers to Venezuela does not fit to the reality or it is extracted of his proportions, he warned in an exchange with journalists. One of the white sectors of manipulation is the freedom of expression. I have heard on supposed offenses on this right, nevertheless, the idea of an informative monopoly it is false. Another clear tendency is to attack Chávez. According to Martínez, such positions demonstrate the European propensity to give lessons. They do that when they should observe with respect the sprout of a wave of left in Latin America. On eve, the parliamentarian expressed rejection therefore it qualified of a crusade mediática against the Venezuelan government.
27-10-2009 Reuters
Gold Reserve says that Venezuela takes control gold projected Breezes
The Canadian mine-layer Gold Reserve Inc said that the Government of Venezuela took the control of the property where the golden project finds Breezes in the Southeast of the country.
10-10-2009 BCV
Venezuela has 15.550 tons of gold certified
The minister of Basic Industries and Mining of Venezuela, Rodolfo Sanz, has made sure that Venezuela has approximately 15.550 tons reservations proved gold, that is to say, 500 billion ounces troy of gold. Sanz supported that here there is the second basic reservation of this mineral of the world, after South Africa. 100 billion dollars are the current value. The minister emphasized that the Venezuelan state is advancing in a process that is going to result in the monetarización of the gold. In his opinion, as the dollar is despised, the gold increases of value.
04-09-2009 GEL SEES
Hugo Chávez will meet on September 11 Shoemaker in Madrid
The president of Venezuela, Hugo Chávez, will meet next September 11 in Madrid with the chief of the Spanish Executive, José Luis Rodríguez Zapatero. The Chávez visit to Madrid will take place at the end of his tour along several countries of the Maghreb, Middle East and oriental Europe, and will take place two days before the arrival to the Spanish capital of the president of Bolivia, Evo Morales, that September 13 will come and be got, 14, by king Juan Carlos and one day later for Rodríguez Zapatero.
30-08-2009 national
Central bank of Venezuela prepares measurements to diminish breach between official dollar and it exchanges
Nelson Merentes of the BCV announced that the measurements to achieve this goal will be ready next week and made sure that one hopes that the inflation of the year 2009 should close in 26 %.
08-07-2009 the Universal one
Venezuela - They will Pay with gold mining investment
Hugo Chávez announced the creation of a mixed enterprise that he will explore and exploit one of the biggest mines of the world, located in Guyana.
28-06-2009 Reuters
Venezuela does not discard a devaluation
Venezuela does not discard to devaluate his currency, but the Government is conscious of the impact that this measurement would have in the already high indexes of inflation of the country, said the Minister of Finance, Alí Rodríguez. Rodríguez predicted that the inflation will close in 2009 in about 28 % and will remain "high" in 2010, until Venezuela is capable of reducing his dependency on the food and imported goods.
24-06-2009 you obtain
Venezuela will not renew mining authorizations that they conquer
Venezuela will not renew any mining authorization that expires in the Latin-American country, in the middle of the efforts of the Government to restructure the sector, said the minister of Mines, Rodolfo Sanz. “Authorization that is conquered, mines that I take, area that I take”, said to journalists the minister. The official told that the Government suspended the authorizations politics and from now on it will work under the figure of mixed enterprises and, possibly, operative contracts.
05-06-2009 BCV
Venezuela - The book of the gold
2010: Year of the gold. The Central Bank of Venezuela will edit The book of the gold, a text of general publication that will tackle the topic in his historical, cultural, social, psychological, legal and economic dimensions. Between the writers and topics stand out: Ramón David Rivas Reyes: The influence of the gold in the history of the humanity. Alba Castillo: Review and rectification in evaluation of auriferous reservations. Reimpulse of a new national economic and ecological architecture.
PDF (Circular letter)
28-05-2009 Reuters
Venezuela gives finished another authorization Gold Reserve
Venezuela was declared extinct by another authorization of the Canadian mine-layer Gold Reserve in the golden project Breezes, one of the biggest deposits of the precious metal in Latin America, with what the president Hugo Chávez accelerates his crusade for controlling strategic sectors of the economy. The Government denied the extension requested by the Auriferous Company Breeze of the Cuyuní, branch of Gold Reserve, to extend an authorization conquered in April, 2008 to extract gold in the alluvium of the same name located in the south of the country. According to Gold Reserve, the alluvium Breezes of the Cuyuní supposes about 3 per cent of the reservations probable and proved Breezes, but under the same one there meets the authorization of hard rock, the principal auriferous deposit of the project a dear of more than 10 million golden ounces.
07-05-2009 Banco Central of Venezuela
Venezuela limits to 30 % the golden exportation
At least 70 % of the gold extracted in Venezuela will have to be assined to the internal market, and only the remainder 30 % will be able to be exported, according to a resolution spread today by the Central Bank of Venezuela (BCV). Vice-minister Iván Hernández justified the measurement and indicated that “it is surer for the national arks to be provided with the support of the gold than of the dollar or the euro, in moments of the current international financial crisis”.
17-12-2008 the Universal one
Venezuela will close 2008 with high golden reservations
Venezuela will close 2008 with high reservations of gold (more than 1.000 kilos), I shoe (14.000 million tons) and bauxite (6.000 million tons), made sure this Monday the Venezuelan minister of Basic Industries and Mining. Sanz told that from the application of programs of geologic and mining prospect, with Iranian and Cuban specialists, “we already have the finished map of the place of our reservations from gold up to uranium”. Also it pointed out that Venezuela will finish this year with a production of 5 tons of gold and four million tons of liquid steel, “what is translated in 3.800.000 tons of diverse products a year”.
16-12-2008 Rusoro
Venezuela - Rusoro Mining offers actions to acquire Gold Reserve
Rusoro offered to the shareholders of the Canadian mine-layer Gold Reserve three ordinary shares for every ordinary share class A and every capital unit of Gold Reserve. “The union of Rusoro and Gold Reserve would give birth to the principal producer of gold of Venezuela and to we would allow to make use of our wide experience in the country to exploit the inherent value of the project Breezes for the sake of all the shareholders”, showed the general manager of Rusoro, Andre Agapov. Gold Reserve is waiting for the approval of the environmental authorities of Venezuela to develop the golden project and receive Breezes. In November, the press announced that the Venezuelan Government was contemplating the possibility of expropriating Breezes to Gold Reserve and of proposing to Rusoro the risk creation of the company shared to develop the project.
06-11-2008 you obtain
Venezuela will take the control of the biggest gold-mine of the country
Venezuela will assume the control of the gold-mine The Cristinas, placed in the oriental State of Bolivar. It is a question of one of the most important deposits of the world, with a few reservations calculated in 16,9 million ounces. The decision is part of the politics of nationalization of strategic sectors of the country tackled by the president Hugo Chávez. The Venezuelan Government already denies to the private enterprises the environmental permission that was allowing them to extract gold. Crystallex obtained in 2002 the authorization for the development of The Cristinas and it was in expectation of the environmental permission to begin executing his works. To beginnings of this year, the Department of Ambience reported that it would not happen, due to “sensitive matters as regards the indigenous populations, small miners and the environment”. The minister Sanz told that from next year it will happen to be exploited and administered The Cristinas by the state company Minerven, which already has under his control another two golden deposits, The Fight and Revemin, also placed in the Venezuelan east.
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