Venezuela announced the nationalization of the mining industry and the repatriation of international reserves. The only local gold mining company with Russian capital, it will not be affected: SP Rusoro has lost the license for one of the world's largest deposit of Las Cristinas in February.
Venezuela plans to nationalize the gold mining industry. This was said yesterday the country's president Hugo Chavez. "We're going to nationalize the gold to convert it to other things in our international reserves, as gold continues to rise in price," - said the president of Venezuela. Since the beginning of the year against the backdrop of weakening global economy gold has risen in price by a third. Yesterday, for instance, an ounce of the metal once again set a historic high, topping the mark of $ 1.82 million (see material on this band).
Venezuela's production volumes are relatively small. According to government statistics, the total amount it is 4.3 tons per year, the amount of foreign reserves - 366 tons. For example, the largest Russian company "Polyus Gold" in the year produces nine times as much. Meanwhile, Venezuela's nationalization of the mining industry may undermine the implementation of projects of Canadian companies with Russian capital - Rusoro Mining.
Rusoro annually produces about 100 million ounces of gold (approximately 65% of the total production of Venezuela). In 2010, revenues were $ 144 million, EBITDA - $ 21 million, net loss - $ 88.6 million company is listed on the stock exchange of Toronto. Since March capitalization Rusoro fell nearly tripled - to $ 66 million estimate the company, in local projects has invested about $ 750 million
Rusoro - the only major gold producer in Venezuela. The company was founded Russian businessman Vladimir Agapov, who, according to a source close to him, "b", started his business in this country with the extraction of kaolin (used in the manufacture of porcelain). Businesswoman engaged in gold mining since 2007. At present the company owns two mines - Choco 10 and Isidora (total reserves - 12.8 million troy ounces). The last mine Rusoro owns at parity with the Government of Venezuela. The largest shareholder is the son of Vladimir Agapov Andrew (13.53%).
In Russia, Rusoro has become known in 2008 when, during the visit of Deputy Prime Minister Igor Sechin, to Venezuela, the company acquired the rights to one of the world's largest gold deposits - Las Cristinas. Reserves are estimated at 35 million ounces. For comparison, the Russian stock Natalka (considered the third largest in the world, a license for it belongs to the company "Polyus Gold") are about 41 million ounces. For the development of Las Cristinas was formed company Venrus, whose founders were Rusoro and the Venezuelan government.
But Agapov never have started development of the deposit. At the time of signing the contract with Rusoro rights to Las Cristinas were in another Canadian company - Crystallex, which went to the Venezuelan Government in February this year.
By this time, Rusoro contract has expired, and the deposit became the property of the state, said yesterday, "Kommersant" Andrey Agapov. What are your plans for Las Cristinas in the administration of Hugo Chavez is now, he does not know. "It's a big bat, which they (the government of Venezuela .-" b ") are unlikely to develop themselves. Most likely, you will create a joint venture with a major international corporation," - he said "b".
Will now returned to Venezuela, current projects Rusoro, as yet unknown. Get the comments in the administration of Hugo Chavez's "Kommersant" yesterday failed. Andre Agapov sure that yesterday's statement by Chavez Rusoro not apply, he said, they talked about the fight against the Mafia in the gold mining business - "Our business is 100% legal, all depths, and so belong to the state." In an interview with The Wall Street Journal, he noted that his father (Chairman Vladimir Agapov Rusoro) "friendly" with Hugo Chavez and his company "has always had good relations with the government of Venezuela."
The nationalization of the gold mining sector - the continuation of policies of Hugo Chavez to nationalize natural resources, said the deputy head of the Russian-Venezuelan Business Council Vladimir Semago. But the achievement of economic effect in this case out of the question - "is a purely political action on the eve of the election." According to IHS Global Insight analyst on Latin America, Diego Moya-Okampos, "it could also be a gesture of protection of assets of Venezuela abroad from possible decisions of arbitration courts" on the claims of companies affected by the nationalization. "Now the government plans to pay compensation, but may change their plans because of financial problems," - says the analyst.
Venezuela plans to nationalize the gold mining industry. This was said yesterday the country's president Hugo Chavez. "We're going to nationalize the gold to convert it to other things in our international reserves, as gold continues to rise in price," - said the president of Venezuela. Since the beginning of the year against the backdrop of weakening global economy gold has risen in price by a third. Yesterday, for instance, an ounce of the metal once again set a historic high, topping the mark of $ 1.82 million (see material on this band).
Venezuela's production volumes are relatively small. According to government statistics, the total amount it is 4.3 tons per year, the amount of foreign reserves - 366 tons. For example, the largest Russian company "Polyus Gold" in the year produces nine times as much. Meanwhile, Venezuela's nationalization of the mining industry may undermine the implementation of projects of Canadian companies with Russian capital - Rusoro Mining.
Rusoro annually produces about 100 million ounces of gold (approximately 65% of the total production of Venezuela). In 2010, revenues were $ 144 million, EBITDA - $ 21 million, net loss - $ 88.6 million company is listed on the stock exchange of Toronto. Since March capitalization Rusoro fell nearly tripled - to $ 66 million estimate the company, in local projects has invested about $ 750 million
Rusoro - the only major gold producer in Venezuela. The company was founded Russian businessman Vladimir Agapov, who, according to a source close to him, "b", started his business in this country with the extraction of kaolin (used in the manufacture of porcelain). Businesswoman engaged in gold mining since 2007. At present the company owns two mines - Choco 10 and Isidora (total reserves - 12.8 million troy ounces). The last mine Rusoro owns at parity with the Government of Venezuela. The largest shareholder is the son of Vladimir Agapov Andrew (13.53%).
In Russia, Rusoro has become known in 2008 when, during the visit of Deputy Prime Minister Igor Sechin, to Venezuela, the company acquired the rights to one of the world's largest gold deposits - Las Cristinas. Reserves are estimated at 35 million ounces. For comparison, the Russian stock Natalka (considered the third largest in the world, a license for it belongs to the company "Polyus Gold") are about 41 million ounces. For the development of Las Cristinas was formed company Venrus, whose founders were Rusoro and the Venezuelan government.
But Agapov never have started development of the deposit. At the time of signing the contract with Rusoro rights to Las Cristinas were in another Canadian company - Crystallex, which went to the Venezuelan Government in February this year.
By this time, Rusoro contract has expired, and the deposit became the property of the state, said yesterday, "Kommersant" Andrey Agapov. What are your plans for Las Cristinas in the administration of Hugo Chavez is now, he does not know. "It's a big bat, which they (the government of Venezuela .-" b ") are unlikely to develop themselves. Most likely, you will create a joint venture with a major international corporation," - he said "b".
Will now returned to Venezuela, current projects Rusoro, as yet unknown. Get the comments in the administration of Hugo Chavez's "Kommersant" yesterday failed. Andre Agapov sure that yesterday's statement by Chavez Rusoro not apply, he said, they talked about the fight against the Mafia in the gold mining business - "Our business is 100% legal, all depths, and so belong to the state." In an interview with The Wall Street Journal, he noted that his father (Chairman Vladimir Agapov Rusoro) "friendly" with Hugo Chavez and his company "has always had good relations with the government of Venezuela."
The nationalization of the gold mining sector - the continuation of policies of Hugo Chavez to nationalize natural resources, said the deputy head of the Russian-Venezuelan Business Council Vladimir Semago. But the achievement of economic effect in this case out of the question - "is a purely political action on the eve of the election." According to IHS Global Insight analyst on Latin America, Diego Moya-Okampos, "it could also be a gesture of protection of assets of Venezuela abroad from possible decisions of arbitration courts" on the claims of companies affected by the nationalization. "Now the government plans to pay compensation, but may change their plans because of financial problems," - says the analyst.
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