"So, if we were allowed to sell 100% of the gold in the international market, we would have exchange loss to get dollars, then we have to exchange it back for Bolivar and have exchange loss again vs. selling gold directly to the VZ market at international price in Bolivar... Unless you are suggesting kry go through the black market, there is no real lost...."

Not really ctw. Anything sold outside VN would be sold in dollars and we would repatriate any needed local currency through the parallel (non-official) exchange rate and would have a large currency exchange gain.

Selling locally, while we get the current spot price in dollars, at least some (if not all since we do not presently have a license to exchange at the official rate) of that would have to be exchanged at the parallel rate and we would have a currency translation loss. This of course assumes that VN does not devalue, which would put the official and parallel rates in closer proximity. With their high inflation rate, it is likely that a devaluation would occur before we were selling gold.

Rusoro on the other hand currently will incur significant currency losses from any money repatriated out of VN since they are producing and selling now.