Source: AFP
Venezuela-Russia-Canada gold-investment-Note
Gold Venezuelan subject of dispute between the government and foreign firms

The Venezuelan government's intention to control and exploit gold resources at least two rich deposits near the Russian firm Rusoro legal uncertainty among current owners of the concession, the Canadian company Crystallex and Gold Reserve.

Venezuelan President Hugo Chávez announced last week that the Ministry of Basic Industries and Mines of Venezuela and the Russian company Rusoro Mining Corp, united in a joint venture named VenRus, operated together the important Las Cristinas gold deposit (southeast).

Information about this ministry offered previously suggested that the joint venture, established in November, will be extended to the exploitation of copper and gold mine Brisas, located within walking distance.

Crystallex, which has granted Las Cristinas and Gold Reserve, which currently holds the Brisas, said in separate releases that had not received any notification from the Venezuelan government on these projects.

Chavez has narrowed in recent years their relations with Russia in the political arena, in a clear challenge to the traditional U.S. influence in the region and in the economic field, through the purchase of arms and oil and gas concessions.

Crystallex won the award in 2002 and Las Cristinas still awaiting the renewal of its environmental permit to begin extracting gold from the mine in 2010 according to government figures there are estimated reserves of 35.2 million ounces.

In the case of Gold Reserve, has signed a concession to mine gold and copper Brisas for 13 years. In December, the site was the subject of a hostile bid from Rusoro, which considers Gold Reserve and extended until February 17.

In a statement, recalled that the Canadian company invested 230 million dollars since it won the award Brisas and expected to begin in 2010 to extract gold from this mine, where he reserves of 10.2 million ounces of the precious metal.

In addition, the company said it could take legal action against the Venezuelan government if they do not reach a "mutual agreement" on a fair compensation.

According to Gold Reserve, the hostile bid by Rusoro is well below the real value of the property.

"We believe that the shareholders of Gold Reserve are sending a clear message to Rusoro that its offer is opportunistic, financially inadequate and significantly underestimated our assets," says the communique literally spread this week.

VenRus creation is part of the policy implemented since 2007 by the Venezuelan government to regain control of strategic sectors of the economy.

In the gold sector, as happened in the oil, Venezuela bid to repeal a system of temporary concessions granted by the government and establish a model of joint ventures in which a state firm has a majority of the Venezuelan capital.

According to figures provided recently by the Minister of Basic Industries and Mining, Rodolfo Sanz, from 2009, the government hopes that the gold production in Venezuela, passing from 4.2 to 8.2 tonnes per year.

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