Gold concession ended.(VENEZUELA)

0 Comments | Caribbean Update, July, 2009

Venezuela has ended a concession held by US-based miner Gold Reserve in one of Latin America's largest gold deposits, part of a strategy to increase state control of key economic sectors, reports Reuters (May 26, 2009):

The official gazette said government had not granted an extension to the El Pauji concession of the large Brisas project, citing contractual failures. The Brisas project covers several concessions in the KM88 mining belt south of the Orinoco river and is adjacent to the legendary Las Cristinas project. President Hugo Chavez said earlier this year that the gold industry should be controlled by the state;

One possible beneficiary of the decision is Russian-owned Canadian miner Rusoro , which is interested in developing the KM88 area and...