change in BCV rule

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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

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change in BCV rule

posted on Aug 12, 2010 09:57AM

UPDATE 1-Venezuela raises export quota for gold miners

09:52 EDT Thursday, August 12, 2010

* Companies can now export 50 pct of production

* Rules changed in response to miners' requests (Recasts; adds details, background)

CARACAS, Aug 12 (Reuters) - Venezuela will let gold miners export half their production, up from 30 percent previously, the South American country's Central Bank said on Thursday.

The change came in new rules published in response to requests from private companies. It said the remaining 50 percent of output has to be sold to the bank.

The largest gold producer in the OPEC member nation, Russian-Canadian miner Rusoro , said last week it had anticipated such a measure. [ID:nN05178295]

Venezuela has some of the region's largest gold deposits. [ID:nN29287390] (Reporting by Eyanir Chinea; Writing by Andrew Cawthorne; Editing by John Picinich)