Venezuela Mining News

Venezuela pays miner $425m in move to safeguard Citgo

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.

Illegal gold mining spikes in Venezuela as locals struggle to survive

Constantly rising currency inflation means small amounts of gold are being used to pay for everyday staples.

OPEC+ faces risk of new oil surplus as prices slump

A technical committee representing the coalition projected on Saturday a global oil surplus will resurface in 2019.

Guyana Goldfields starts underground development at Aurora

The company is investing more than $120 million, which is a first in the history of the South American country.

Maduro blasts new US sanctions on Venezuelan gold

Nicolas Maduro said the sanctions are "crazy" and "schizophrenic."

New massacre in Venezuela's Mining Arc

Criminal groups fight to gain control of gold mines.

Canada’s Rusoro Mining reaches $1.3B deal with Venezuela

Settlement creates partnership that could lead to restarting production at Rusoro's former mines in the South American country.

Colombia asks for Venezuela's cooperation in case of five murdered miners

The workers were killed in a gold mine in the southern Bolívar state.

Venezuela to sell gold ingots to pensioners as inflation soars

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.

The latest episode in the Crystallex-Venezuela saga

PDVSA filed an appeal requesting that a Delaware court vacate a decision granting the Canadian miner the right to seize its U.S. assets.

Wait until you see the price of gold in Venezuela right now

Venezuela’s once prosperous economy destroyed by corruption and mismanagement.

Emerging market meltdown could undermine oil rally

Higher production doesn't necessarily mean higher oil prices are entirely out of the question.

Artisanal miners in Venezuela operate under illegal unions

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.

Venezuelan army’s economic prize begets a bloody grab for gold

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.

Venezuelan Catholic Church worried about mining devastation

"The church but the entire world is worried about the environmental degradation that unregulated mining activities are causing in the Bolívar and Amazonas states."

Venezuela gold reserve value falls 14% in 2017

Gold now represents just under 70 per cent of the Central Bank's international reserves.

US judge rules against Venezuela in dispute with Rusoro

Judge Richard J. Leon has stayed Rusoro’s CSID Expropriation award against Venezuela registered in the U.S.

Venezuelan government defends Mining Arc, environmentalists say it’s not working

Very few of the 150 companies who expressed interest in investing in the Mining Arc actually presented concrete offers.

18 die in clash at Venezuelan gold mine

Eighteen people have been killed in Venezuela at an illegal gold mine following clashes with security forces.

Guyana Goldfields goes underground, stops worrying about Venezuela

The Canadian company is set to invest $120 million to conduct underground gold mining for the first time in Guyana’s history.

Crystallex requests new hearing in lawsuit against Venezuela

The Canadian company alleges that the South American country is performing “fraudulent transfers.”

Following detention, journalist publishes controversial story about Venezuela’s Mining Arc

Rampant violence and corruption are the norm in the mines of the southern Guayana region.

U.S. court rules against miner Crystallex in Venezuela dispute

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.

Venezuela backs its new cryptocurrency with 5 billion barrels of crude

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."

Oil-rich Venezuela is out of gas

"In Venezuela, we are out of gas. In Venezuela, there is no gas oil. In Venezuela, there are no lube oils."