Venezuela: Minerven estimated to double gold production in 2009
Tuesday, 28 July 2009

July 28 2009, 18:35 Caracas, July 28 (PL) Empresa Nacional del Oro (Minerven)
estimated to produce eight tons of ore by 2009, almost double the rise last
year, generating 4.2 tonnes today the president of the entity, Luis Herrera.

Herrera, quoted by the Bolivarian News Agency, said that gold production in
the first half of 2009 is about three tons.

"Reaching the eight tonnes is a realistic figure, but always look at things that
might arise to hinder production, as it was being infiltrated by the
transnational companies," said Herrera.

The investment provided by the Venezuelan government estimated that production
should increase to eight tons in 2009 to 12 tonnes in 2010 to 16 tons in 2011 to
20 tons in 2012 and 40 tons in 2013.

Minerven production during the last decade was to rise from two to 16 thousand
in 1999 to 4.2 in 2008, some 64 tonnes since 1981.

The company closed in 2008 with an inventory vault of the Central Bank of
Venezuela, one thousand 206 kilograms of gold available for sale with over 73
million bolivares (almost $ 34 million).

For 2009, the state estimated to produce and market five thousand 900 kilograms
of gold in the domestic market with an investment of more than 106 million
Bolivars (about $ 49 million).


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