Venezuela is assuming control of a gold mine operated for six years by a Chinese-financed company.
Mining Minister Rodolfo Sanz says Jin Yan de Venezuela CA has decided to halt operations. Its principal shareholder is China's Shandong Gold Mining Co.
Sanz said Thursday that Jin Yan has voluntarily decided to give up its concession for the Sosa Mendez gold mine in Venezuela's southwestern Bolivar state.
Company president Ge Yuhuan told the regional daily newspaper Correo del Caroni last month that the company hoped to turn over the mine in a "friendly manner."
The daily reported Venezuela's government would pay Jin Yan $31 million for its investments in the mine.
http://www.aol.co.nz/men/story/Venezuela-takes-back-Chinese-financed-gold-mine/1736741/index.html
