The new holder of the Mibam, Jose Khan, indicated recently that the supply could take shape at the end of year if sufficient reserves are accumulated.

Maria Ramirez Hair
mramirez@correodelcaroni.com

The emissions endorsed in gold are little common. Photo File

Khan said that in the country 20 tons of gold take place annual, in agreement with the reviewed thing in this opportunity. The director informed that the gold purchase on the part of the BCV has increased east year and that enters January and February 1.08 tons were acquired.

The Central bank of Venezuela (BCV) modified in May of 2009 the norms on the regime of gold commercialization and its alloys and established that of 70% of the national auriferous production destined to the internal market, 60% must be sold “obligatorily” the emitting being, whereas only a 10% are placed in the national transforming sector.

Only 30% rest could be exported, previous authorization of the BCV and once demonstrated the fulfillment of the quotas destined to the internal market.

“We are working, preparing, studying with the Central bank the possibility of a bond emission with gold endorsement”. “We do If it, it would be east year”, it informed before its game salient minister Rodolfo Sanz, without giving more details.

The instrument would change by dollars, Euros or their equivalent in currencies and would be guaranteed in the reserves of gold production of Venezuela, said the president of the BCV, Nelson Merentes.

Few probabilities
The economist Asdrúbal Oliveros, director of the private consultant Ecoanalítica, showed that the emission of bonds endorsed in gold is a proposal but much has not advanced. “In agreement with the information that we handled, in some meetings the investment banks showed much resistance because the gold production is low”.

“It can come to future but not in the short term, I do not believe that it increases the production auriferous”.

According to the economist, to endorse economically to the companies of Guayana if she is that the intention “far better leaves to make specific an emission like Republic protected by the Republic”.

Oliveros aimed that this type of emissions is not common, although can realise them private companies dedicated to this branch because the gold is its assets. “It would be a risky bond, because it is more what the country leaves by informal route that what receives the Central bank of Venezuela, and well is outside not seen (...) hopefully does not increase its perception of risk with an instrument of this type”.

The director of the company/signature considers that this year will be less emission of debt with respect to the 2009. “They are going to emit debt mainly the central Government and Pdvsa, I consider that at the end of the first semester or in the second semester of the year”.

Sufficient reserves
The economist and director of the company Aristimuño, Herrera & Asociados, Caesar Aristimuño, indicated that to emit this instrument it is necessary to tell on sufficient gold reserves, that in agreement with the emitting institute they ascend to 16 billions of dollars of the total.

“It is necessary to count on sufficient gold reserves because will be titles endorsed in these reserves and repago would be in gold”, it said.

He maintained that these emissions have become in other parts of the world but they are not common, “simply is the search of resources”, said.

“In the end it must very clearly leave the prospectus, the characteristics, and whereupon the flow of box of companies is endorsed because in the end as the Venezuelan Corporation of Guayana is very aggravated”.

It indicated that the instrument could not as much be attractive for the investors by the emitter but by the guarantee that is the gold.

According to the economist Orlando Ochoa, it is difficult to make specific this emission because it assures that “this type of contracts is specialized and a Government who does not have good reputation in transparency I do not know how he can execute it”.

“These instruments are not common and if some company does it is because it has development plans and it quotes in the international markets and a confidence vote occurs him, but that does not happen here”.

It added that the plan of the government is not of development of market and, therefore, “very little confidence can have”.

“It is a complex operation because the guarantee is mining gold under earth, nonfeasible easily and if they are companies that fall in problems of box flow would lose confidence”.

Problems dim production

From mid March, civil servants of the Ministry of Basic Industries and Mining initiated an audit in the state Minerven, that generated strong preoccupation between the workers.

Since the beginning of year, the state one has been surrounded in different labor problems on the part of the personnel, who demands the fulfillment of different commitments and to go towards the yield.

In the 2008, Minerven obtained 4.2 tons of gold. In the 2009, the company did not obtain its goal of production of 8 tons of gold. This year, the state delay to reach a production of 8 thousand kilos of gold.