EXCLUSIVE-UPDATE 1-Venezuela to Rusoro gold export permits
Friday October 29, 2010 11:47 CDT
* Measurement allow Rusoro mining finance expansion
* Company expected to raise production to 600,000 ounces in 2 years

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By Frank Jack Daniel

CARACAS, Oct 29 (Reuters) - Venezuela will allow Russian-Canadian miner Rusoro
export gold from November 1, giving you the resources to raise its annual
production to 600,000 ounces in two years from the nearly 100,000 ounces of this
year, said Friday its chief executive, Andre Agapov.

In August, Venezuela allowed mining companies operating in the country to export
up to 50 percent of gold produced from the previous 30 percent in a move that
seeks to attract investment into the country with large undeveloped gold
reserves [ID: nN12101372 ].

"Today we received permission to export" Agapov told Reuters by telephone.

The government of President Hugo Chavez is trying to reduce its dependence on
oil and mining closer strategic allies such as Russia and China, at a time when
the local economy continues to struggle with the effects of the financial crisis
cut oil prices.

The measure, which takes effect Nov. 1, will allow Rusoro finance the expansion
of one of its most productive mines, Choco 10, in the southeastern state of
Bolivar.

"We will seek bank financing probably a Russian or Chinese," Agapov said without
giving further details.
On the other hand, the executive felt that with this expansion would Rusoro
production to 600,000 ounces per year in 2012.

This year, the mine estimated to produce about 99,539 ounces of gold from
125,700 in 2009.

Rusoro rich gold mines operating in southeastern Venezuela and is looking for
Las Cristinas, one of the tanks to open untapped world's largest.

(Writing by Dave Zimmerman / Diego Ore, edited by David Gregorio)


http://mx.reuters.com/article/topNews/idMXN2914287520101029?sp=true