Conference call.
posted on
Jun 18, 2008 06:24AM
Edit this title from the Fast Facts Section
The message that I got was:
Base your actions on facts instead of rumours and inuendo.
( I wonder if he was pointing a finger on some of these internet boards.)
That there is too much talk of folding the company, dividing the cash and selling the mining equipment of which there is 120 million in cash and approx. value for equipment of 50 million.
That is a short minded (rash) opinion at this point in time because the facts are that the rescinding of the environmental permit is not based on law or decree, nor on any underlying facts relevant to Gold Reserve. That opinion is from Venezuelan counsel. So it is time for careful politicing instead of folding.
The politics may have more to do with limiting the Vennessa compensation then anything else. Chavez did not want to rescind himself, his minister did not want to either and passed the gauntlet on, this way their hands are more or less clean when they are ready to make a final statement (why did the mining law get sent back, a delaying tactic?).
That speaks volumes to me.
The other part of that argument is pure practicallity.
The locals need jobs, they are doing damage to the environment at the exchange of obtaining little value for themselves and for the country out of their efforts. On the other side is the resource that can be utilized efficiently by the internationals providing more and better employment and revenue, with relatively little risk to the environment.
There is another round of elections in November and Chavez is at risk in losing in some of the districts, so he will need to listen to the people.