Yellow metal: Venezuela, China to develop gold mine

President Hugo Chavez made the announcement after meeting with a delegation from CITIC.


Afp September 24, 2012

CARACAS: Venezuela and China signed an agreement to develop together one of the world’s biggest gold mines, with plans to exploit both the yellow metal and copper there. President Hugo Chavez made the announcement after meeting at the Miraflores presidential palace with a delegation from China’s state-run International Trust and Investment Corp (CITIC) – headed by its president Chang Zhenming – about the deal to develop Las Cristinas mine in southern Venezuela. Last year, the Canadian firm Crystallex sought international arbitration against Venezuela after Caracas canceled its contract to develop Las Cristinas. Crystallex obtained the concession in 2002. Chavez said that a second agreement was reached to produce a mineral deposits map for Venezuela, which he called a “high-calibre project” for the country’s development.

Published in The Express Tribune, September 23rd, 2012.

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