If we can believe Rusoro's Andrea Padovani, local mining director for Rusoro, the agreement has been made, and is just awaiting Chavez's signature.

Russian-Canadian Rusoro foresees Venezuela gold export rule change

Reuters: Russian-Canadian miner Rusoro said on Thursday it expects the Venezuelan government to ease a restriction on gold exports to allow private firms to sell up to 50% of output abroad ... current rules allow only 30% exports, with the rest to be sold in-country, mainly to the Central Bank (BCV).

"A fair agreement has been reached between the government and the mining industry to allow 50% of output to be sold to the Central Bank and the other 50% exported," said Rusoro's local operations director Andrea Padovani. Central Bank officials could not confirm.

Rusoro's Padovani said, however, the new norm should be published in coming days in the government's Official Gazette.

"After a meeting with the Central Bank president, Nelson Merentes, we were told that the norm had been approved by the directors and all that was needed was President Hugo Chavez' signature," Padovani told Reuters.

Rusoro had warned earlier this year that it may cut a $200 million investment plan in Venezuela unless the export regulations were changed.

Rusoro's main interest is the Choco 10 gold mine in the southern state of Bolivar. Rusoro's production from Choco in the first quarter was 25,142 ounces, 34% less than the same period last year. The company blames Venezuela's currency distortions for that, saying it has been hard to import machinery and materials.

It expects to produce nearly 100,000 ounces this year, down from 125,741 last year. But Rusoro foresees higher production of 184,725 ounces in 2011.