National government will increase gold production to 10 tons next year

Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Reply New Message

Prev Message Back To Forum Threaded View Next Message

makinmoola2

Rank: President [?]

Points: 10375 [?]

Votes: 87 Score: 3.6 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

National government will increase gold production to 10 tons next year

posted on May 17, 2010 01:40PM

National government will increase gold production to 10 tons next year
SCZ
Globovisión / EFE
5/17/2010 1:53:09 PM

The national government has set a goal to raise annual gold production of 4.2 tons to 10 tons next year, announced Monday the Minister of Basic Industries and Mining, José Khan.

The production volume could then tripled and reached 15 tons in 2012, added the minister told reporters during a tour of a gold plant.

Venezuela has currently has reserves of 360.70 tons of physical gold.

Khan visited the "Gold Processing Plant Captain Eduardo Vera" with members of a high-level commission of China, which is in Venezuela visiting the south where there are vast deposits of iron, bauxite and gold, with a view to the forthcoming binational joint ventures.

President Hugo Chavez said Sunday that both nations are working in the realization of a "colossal strategy" to "raise and strengthen" the production of Venezuela's basic industries, mainly iron and aluminum.

Venezuelan reserves of iron and bauxite are 14,000 and 6,000 million tons, respectively, according to official figures for 2008.

The re-industrialization of the sector that promotes the Executive includes, in relation to gold, a work of repression of illegal mining, which has resulted in deportation of miners from Brazil, Colombia and Guyana, mainly as part of "mafias national and transnational, "said Chavez.

A resolution of the Central Bank of Venezuela (BCV-emitter) of May 5, 2009 provides for at least 70% of gold mined legally in Venezuela must be destined for the domestic market and only the remaining 30% can be exported.

70% rate should stay in Venezuela, two thirds must be delivered to the BCV and the remaining "to the national processing industry," explains the text of the resolution entitled "Regulations on the Regime of Marketing of Gold and its Alloys."