Home News Rusoro Labor is not interested in exploitation of Las Cristinas
Rusoro is not interested in exploitation of Las Cristinas
Sunday, June 26, 2011 00:00 0 Comments Drawing
Caracas .- The Russian-Canadian Rusoro Mining said it is interested in exploiting the huge Venezuelan gold deposit until the Las Cristinas South American country's government to change a resolution limiting the export of gold to 50 percent of production.

In early February, Venezuela ended its contract with Canadian miner Crystallex Las Cristinas and Rusoro expressed interest to exploit the site, one of the world's largest, with about 17 million ounces of estimated reserves.

"Rusoro is not interested in Las Cristinas under current conditions," he told Reuters Rusoro CEO Andre Agapov.

Last year, Venezuela raised the share of exports of gold to 50 percent of production from 30 percent previously. The remaining 50 percent must be sold to the Central Bank.

"The resolution of the Central Bank will harm not only Rusoro but other miners working in Venezuela," Agapov, who said foreign firms will not come to the country as long as that legislation.

"Venezuela is the only country in the world where gold exports are restricted (...) the solution is to return to the free export of gold, as anywhere in the world," he said.

Venezuela has huge gold reserves, but for various reasons the industrial exploitation of the precious metal has not taken off.

In addition, Agapov said the firm received permission to export gold are slow to arrive by the Central Bank, which delays the availability of foreign exchange to buy spare parts and manufacturing.

Numbers worth

Since the decision came into force in mid 2009, Rusoro has sold to the Central Bank just over five tonnes of gold. Venezuela gold production is only 4.2 tons.