The Canadian miner said that export limits hurt the business
Rusoro not interested in Las Cristinas gold deposit
Rusoro s CEO Andre Agapov said that current conditions are detrimental to job creation efforts
Mining
Russian-Canadian mining company Rusoro said that it is not interested in developing Venezuela's giant Las Cristinas gold mine, unless authorities change a resolution limiting exports of gold to 50 percent of production.
In early February, Venezuela terminated Las Cristinas mining agreement with Canadian mining company Crystallex, and Rusoro expressed interest in operating the mine, which is considered one of the largest gold deposits around the world, with estimated reserves at 17 million ounces.
However, Rusoro's CEO Andre Agapov told Reuters that "Rusoro is not interested in Las Cristinas, under current conditions."
Last year, Venezuela agreed to let gold miners export up to 50 percent of production, from a prior 30 percent.
Agapov said that the Central Bank of Venezuela's resolution is to the detriment of Rusoro and other gold mining companies working in Venezuela. He added that current conditions are detrimental to job creation efforts.
