If the required steps to fully implement the amended settlement do not take place Crystallex will go back to court to seize assets linked to Citgo.
Venezuela Mining News
Constantly rising currency inflation means small amounts of gold are being used to pay for everyday staples.
A technical committee representing the coalition projected on Saturday a global oil surplus will resurface in 2019.
The company is investing more than $120 million, which is a first in the history of the South American country.
Nicolas Maduro said the sanctions are "crazy" and "schizophrenic."
Criminal groups fight to gain control of gold mines.
Settlement creates partnership that could lead to restarting production at Rusoro's former mines in the South American country.
The workers were killed in a gold mine in the southern Bolívar state.
The gold is meant as a more stable way for Venezuelans to hold their diminishing funds as inflation in the socialist nation runs at over 100,000 percent.
PDVSA filed an appeal requesting that a Delaware court vacate a decision granting the Canadian miner the right to seize its U.S. assets.
Venezuela’s once prosperous economy destroyed by corruption and mismanagement.
Higher production doesn't necessarily mean higher oil prices are entirely out of the question.
Illegal extraction of gold and other metals and their subsequent smuggling to foreign markets is seen by many as a way to navigate the current crisis.
The bank is selling off gold to keep the country afloat, drawing down its reserves of the metal to $6.6 bn from almost $20 bn at the beginning of 2012.
"The church but the entire world is worried about the environmental degradation that unregulated mining activities are causing in the Bolívar and Amazonas states."
Gold now represents just under 70 per cent of the Central Bank's international reserves.
Judge Richard J. Leon has stayed Rusoro’s CSID Expropriation award against Venezuela registered in the U.S.
Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.
Eighteen people have been killed in Venezuela at an illegal gold mine following clashes with security forces.
The Canadian company is set to invest $120 million to conduct underground gold mining for the first time in Guyana’s history.
The Canadian company alleges that the South American country is performing “fraudulent transfers.”
Rampant violence and corruption are the norm in the mines of the southern Guayana region.
Crystallex International Corp is seeking to collect $1.2 billion plus interest awarded in 2016 by a World Bank tribunal against Venezuela, which Venezuela has refused to pay.
Venezuelan President Maduro shocked the market in early December when he followed China's 'petro-yuan' futures announcement by making headlines of himself proclaiming a new national cryptocurrency - the 'Petro' - to overcome The West's "financial blockade."
"In Venezuela, we are out of gas. In Venezuela, there is no gas oil. In Venezuela, there are no lube oils."