Rusoro waiting for a change in top sales of gold to the BCV
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Published at 08:15 AM on December 21, 2009 | The World



Rusoro Mining Company, operator of several gold mines in Bolivar state, still waiting for the Central Bank of Venezuela (BCV) change the percentage of the ore so obligee must sell to that entity.

Informants from the insurance company after several attempts to meet with officials of the BCV, managed a brief contact that left them without any major developments.

The director who received them was the tough barrier that keeps the decision, Joseph Khan.

This release former minister of Basic Industries and Mining, he is putting off any solution, according to sources familiar with the matter.

An official of the BCV, said only that studied the request of both the workers concerned by the company. But however, gave no date for a verdict.

The origin of the crisis in the Russian mining adjective is the decision resulting from the BCV, which is set to be compulsorily sold them (to BCV) 60% of gold production for the domestic market, provided the company is private, or with minority state participation.

The Russians do not qualify, since the State maintains operating mines Rusoro only 5% of the equity pie. Therefore not susceptible to preferential treatment.

The currency factor price fixing after marketing of gold ore calculated to official dollar (USD

2.15) is another factor, measured with the previous measure, keeps in check the operation of the mining company.

Despite the excellent relations between Russia and Venezuela, the Russians do not achieve a satisfactory response. With the official response disappears the possibility that they would receive treatment associated with the state 50% -50%, reducing to 25% higher sales BCV.

The theory of Russian opera: "If applied to other companies, why not extend it? We believe that all companies must operate under the same conditions.

Rusoro's managers note that the situation is putting at risk the stability and operability of the company, in addition to jobs and social investment in the area.

In fact in early December holiday gave collectively to alleviate the financial difficulties.

Debts to suppliers and are arriving to 120 days late, which is putting into question the credibility of the mining. January looks complicated, the idea is to continue the collective holiday program and initiate a plan for downsizing.

They will concentrate on the best areas of the site to explore with fewer costs, and exploit the high price at which trades gold-bearing ore, they said sources close to the company.

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