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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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BCV promote special credit for extraction of gold The intention is to develop th

posted on Nov 01, 2009 10:10PM

BCV promote special credit for extraction of gold The intention is to develop the gold to keep gold out of the country also want to guarantee loans to miners who is responsible for extracting

Mariana Martínez Rodríguez
mrmartinez@cadena-capriles.com

The formation of the monetary and non monetary gold was included special programs to which the Central Bank of Venezuela (BCV) will create special credit conditions. The reform of the legal standard is established and in Article 48, paragraph 6.

Deputy Escalona Simon said the move aims to increase the provision for miners who have been granted the concession for the mine.

Currently, 50% of gold produced must be sold to the BCV, according to a mid-year resolution. This mineral is transformed into "monetary gold" that it becomes international reserves, after being sent to Switzerland where it is processed into bars of 99% high purity and certified.

In addition, it also includes "non-monetary gold, which is the residue of monetary gold and is converted into jewelry.

In this field the President seeks to develop gold and avoid the ore out of the country.

Enhancing this activity may control the export of raw gold or jewelry captures are processed in foreign exchange reserves.

Currently, sales of jewelry outside the country does not report anything.

The National Assembly deputy says that this is beneficial because right now there is no record for the country.

"In Europe, many items are sold with rocks and minerals facts in Venezuela and that country does not report anything."

The idea is to encourage the development of workshops of goldsmiths and gold jewelry made in generating dividends to the nation.

BCV credits to promote these sectors, providing a guarantee to the bank securities of the Republic. This guide will achieve the increase in bank intermediation to sectors that the State considers as priorities for the country.

These are key sectors, according to paragraph 6 of Article 48 of the BCV Law: agriculture, manufacturing, construction, food and projects with export capacity, and those for the formation of monetary and nonmonetary gold.