While the news that Hugo Chavez is looking at nationalizing the gold mining concessions in Venezuela won't have a lot of impact on the industry, for a couple of companies, Gold Reserve (TSE:GRZ) and Crystallex (AMEX:KRY), it will be a blow to them, as they were ready to come in line soon.
For Crystallex, they were about to come in line with about 250,000 ounces of gold later in 2010, while Gold Reserve was slated to produce about 460,000 ounces of gold in 2012.
ValGold Resources (CDNX:VAL) was in the exploration stages and probably won't be hurt, other than losing potential.
Gold Reserve sunk $300 million into their ventures, and reportedly are in arbitration from already being taken over.
Laughably, Venezuela is seeking partners to work with them to develop their Las Cristina project, one of the largest undeveloped gold mines in the world.
Showing posts with label Venezuela Gold Mining. Show all posts
Showing posts with label Venezuela Gold Mining. Show all posts
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