Rusoro Mining dollars wants to import inputs cadivi
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Published at 06:30 AM on May 26, 2009 | The National


The official resolution forcing mining firms to hand 60% of gold production to
the Central Bank of Venezuela is of concern to Andrea Padovani, director of
operations Rusoro Mining, the largest private producer of the yellow metal in
the country.

Padovani said that the board of Rusoro still analyzing the decision of the
Central Bank, published in early May.

"The rule changes in the marketing of gold, determined by the Central Bank, may
create some problems. However, due to our relationship with the government is
bilateral, we have a table open conversation with the agencies that regulate the
field to see what should be done to solve all problems, "he added.

Faced with that decision BCV, Padovani said that the company needs to change to the preferred currency to import inputs, spare parts and machinery that are not produced in the country and are vital for mining.

"It is important that the Government understands that it is necessary to import
goods at the same rate at which gold is produced. We must take into account that these companies have important currency for the country," he said.

Good news. The Official Gazette that circulated yesterday brought good news for
Rusoro. By a decision of the Ministry of Basic Industries and Mining, the
government decided not to extend the Canadian mining Gold Reserve award is part of the Brisas gold project, which will Rusoro has an eye for some time. The
Brisas and Las Cristinas mine is a huge gold deposit located at kilometer 88,
the road to the Great Plains that remains untapped due to numerous legal
disputes dating back to the 60s of last century.

Delivery to Las Cristinas Rusoro announced by the Executive, gave partial
control of the site to the Russian company, but Gold Reserve Brisas rights
preserved until yesterday, when the office of Basic Industries chose to deny the
extension of the concession. "At mile 88 of the shell must have a single
industrial operation and a single environmental impact, there can be no two
projects," said Andrea Padovani.

It seems that the Gold Reserve departure leaves a free passage Rusoro for
development, in conjunction with the government through the joint venture Venrus of promising deposit located in Bolivar State.

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