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Gold Reserve could seek $ 5 billion
Written by Editor
Wednesday, May 27, 2009
A spokesman at Mibam was available for comment. However, the Mines Minister, Rodolfo Sanz, said in January that the gold concessions are being reviewed case by case basis.
Caracas. The U.S. mining Gold Reserve Inc. said Tuesday that could lead the government of President Hugo Chávez to international arbitration unless they reach an amicable agreement on granting Venezuela gold.
A spokesman at the Ministry of Basic Industries and Mining was available for comment. However, mines minister, Rodolfo Sanz, said in January that the gold concessions are being reviewed case by case basis.
The future of the grant of the Brisas gold deposit Cuyuni in the state of Bolivar in southern Venezuela is uncertain since the Chavez government announced the intention to expand its control in the sector.
Gold Reserve, headquartered in Spokane, Wash., "intends to resolve this dispute amicably," said Doug Belanger president of the company in a statement. "But if this is not possible and the company is forced to seek international arbitration, we want to make a claim for the fair market value of our investment ... which we believe exceeds 5,000 billion dollars."
The U.S. mining has been waiting since May 2008 for a permit to begin construction of its proposed gold and copper in Brisas. Gold Reserve, which has asked to extend its concession from the end of 2007, argues that Venezuela can no longer deny the petition because they did not respond within the six months required by Venezuelan law.
Last week, the Ministry of Basic Industries and Mining refused the request of Gold Reserve to extend the concession in curassows, a project next to the Brisas. The American mining company does not own the concession to exploit mineral curassows but in some rights to use the property for purposes of infrastructure.
The company claims that the requested extension on behalf of the owner, in January 2008, but the Ministry did not respond until a year later, when the six-month grace period was over.
Gold Reserve said that the granting of Brisas del Cuyuni not contain copper, and represents about 3% of proven and probable gold reserves of the Brisas project - which has an estimated 10.2 million ounces of gold.
Chavez said his government will assert more control over mineral resources in Venezuela, and build an "industrial complex" to help push Venezuela toward his vision of socialism. AP
Written by Editor
Wednesday, May 27, 2009
A spokesman at Mibam was available for comment. However, the Mines Minister, Rodolfo Sanz, said in January that the gold concessions are being reviewed case by case basis.
Caracas. The U.S. mining Gold Reserve Inc. said Tuesday that could lead the government of President Hugo Chávez to international arbitration unless they reach an amicable agreement on granting Venezuela gold.
A spokesman at the Ministry of Basic Industries and Mining was available for comment. However, mines minister, Rodolfo Sanz, said in January that the gold concessions are being reviewed case by case basis.
The future of the grant of the Brisas gold deposit Cuyuni in the state of Bolivar in southern Venezuela is uncertain since the Chavez government announced the intention to expand its control in the sector.
Gold Reserve, headquartered in Spokane, Wash., "intends to resolve this dispute amicably," said Doug Belanger president of the company in a statement. "But if this is not possible and the company is forced to seek international arbitration, we want to make a claim for the fair market value of our investment ... which we believe exceeds 5,000 billion dollars."
The U.S. mining has been waiting since May 2008 for a permit to begin construction of its proposed gold and copper in Brisas. Gold Reserve, which has asked to extend its concession from the end of 2007, argues that Venezuela can no longer deny the petition because they did not respond within the six months required by Venezuelan law.
Last week, the Ministry of Basic Industries and Mining refused the request of Gold Reserve to extend the concession in curassows, a project next to the Brisas. The American mining company does not own the concession to exploit mineral curassows but in some rights to use the property for purposes of infrastructure.
The company claims that the requested extension on behalf of the owner, in January 2008, but the Ministry did not respond until a year later, when the six-month grace period was over.
Gold Reserve said that the granting of Brisas del Cuyuni not contain copper, and represents about 3% of proven and probable gold reserves of the Brisas project - which has an estimated 10.2 million ounces of gold.
Chavez said his government will assert more control over mineral resources in Venezuela, and build an "industrial complex" to help push Venezuela toward his vision of socialism. AP
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