Venezuelan government presents plan to boost gold production in the country


The Venezuelan Minister for Petroleum and Mines, Rafael Ramirez, announced the launch of an action plan to promote the development of gold mining and boost gold production in the country.
Minister Ramirez announced that president Hugo Chavez approved the creation of the Venezuelan Corporation of Mines (CVM for its Spanish acronym), which will operate as a subsidiary of PDVSA (state-run oil company) and will be responsible for the control of mineral extraction activities to prevent smuggling to neighboring countries.
The Minister explained that the blocks known as Guasipati-Callao, El Callao and Sifontes Sur , which hold estimated gold reserves amounting to 81 million ounces, will be assigned to the CVM for a period of 20 years, pending authorization by the Venezuelan National Assembly.
The Minister informed that other blocks known as La Prueba, Hoja de Lata, Nuevo Corazón de Jesús, Apanao and Bizkaitarra, will be reserved for small- scale miners, while other blocks will be reserved for possible new projects to be developed by mixed companies opened to foreign investment.
The Minister finally forecasted that Venezuelan gold production will reach 15 tons by 2019.