Venezuela

Australia, Canada, Chile, Brazil and Mexico the top five mining projects’ destinations

In its annual ranking of countries in terms of political risks for mining investment, the mineral industry advisory firm Behre Dolbear, has ranked Australia, Canada, Chile, Brazil and Mexico as the top five nations in which to locate mining projects.

Rusoro says Venezuela will likely nationalise its gold assets, shares fall 12 pct

Vancouver-based Rusoro Mining is preparing to seek international arbitration to obtain compensation for the assets it expects to be nationalised after a deadline to negotiate with the government lapsed.

Rusoro's Venezuelan assets to be nationalised, shares fall 12%

Vancouver-based Rusoro Mining is preparing to seek international arbitration to obtain compensation for the assets it expects to be nationalised after a deadline to negotiate with the government lapsed.

Rusoro Mining Ltd.: Expiration of Negotiation Period with Venezuelan Government for Nationalization

The extended deadline of the period fixed by the Nationalization Decree No. 8413 to negotiate the compensation due to Rusoro and the terms of the migration of Rusoro's mining assets to a Mixed Enterprise to be controlled by the Venezuelan Government will expire as of the end of day today. At this time, the Company is not aware of any further extension.

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 14, 2012) – Rusoro Mining Ltd. (TSX VENTURE:RML) ("Rusoro" or "the Company") reports the following:

America choosing a post-Chavez Venezuela over Alberta? Say it isn't so

A blog entry on Alberta Oil Magazine's website this week asks whether Alberta and Canada should not be paying more attention to political events in Venezuela.

Former Crystallex Las Cristinas gold project to go ahead with Chinese help

Venezuela's President Chavez has annoiunced that Chinese investment company CITIC will help develop the potentially extremely large Las Cristinas gold project which has been withdrawn from Crystallex.

Crystallex files for bankruptcy protection and loses TSE listing

Crystallex International received protection today under the Companies' Creditors Arrangement Act of Canada, and the company will also be delisted from the Toronto Stock Exchange next month.

Rusoro may turn to arbitration to resolve gold mining dispute

Rusoro Mining Ltd. (RML) said it may file a claim against Venezuela in an international arbitration court if negotiations to resolve the nationalization of its assets aren’t resolved within six months.

Crystallex announces proposed private placement to raise up to US$120 million

Crystallex International Corporation (TSX:KRY)(OTCQB:CRYXF) ("Crystallex" or the "Company") is pleased to announce that a wholly-owned subsidiary (the "Issuer") proposes to complete a best efforts private placement offering (the "Offering") of up to 120,000 units (the "Units") at a price of US$1,000 per Unit for aggregate proceeds of up to US$120 million.

Each Unit will consist of one face value US$1,000 principal amount senior secured note (the "Notes") bearing simple interest at a rate per annum to be determined payable on maturity or redemption and one contingent value right (the "CVRs").

Venezuela faces fresh $3.8 billion claim over nationalized gold mine

The International Center for Settlement of Investment Disputes has advised Crystallex International Corp. that proceedings in its $3.8 billion case against Venezuela for nationalizing gold-mining assets has begun. The Toronto-listed company's main asset is its interest in the Las Cristinas gold project located in Bolivar State, Venezuela.

Crystallex also holds interests in the Tomi and La Victoria mines in Venezuela and on Friday closed down 70% from its 52-week high. The stock was delisted in from the New York Stock Exchange earlier this year. Toronto-listed Rusoro is the only large producing gold miner operating in Venezuela and the country does not feature in the top 20 global gold producing states.

Rusoro gives update on new Venezuela gold law

Rusoro Mining Ltd. CA:RML 0.00% ("Rusoro" or "the Company") reports the following:On August 23, 2011, President of Venezuela Hugo Chavez Frias approved a decree with force of organic law ("the Decree") which reserves to the State of Venezuela ("the State"), exclusive rights for the extraction of gold in Venezuela.

Venezuela bans gold exports; passes nationalization decree

Venezuelan President Hugo Chavez followed through on a promise he made last month to ban the export of bullion under a broad scheme to nationalize the country's gold industry, The Wall Street Journal reports (sub required):

Under guidelines published in the Official Gazette on Monday, the government said "all gold that is obtained through mining activity within national territory will be handed over to the Bolivarian Republic of Venezuela." The decree also gives companies 90 days to form joint ventures for gold mining, in which the government will hold a 55% stake.

Venezuela signs cooperation agreements with Chinese firms

The Government of Venezuela has signed three cooperation agreements worth $470m with Chinese firms to increase iron ore production and transportation of Ferrominera del Orinoco.

Venezuela seeks to increase iron output with help from China

Venezuela hopes to improve its production and transport of iron after signing three agreements with Chinese companies, state media reported Tuesday. According to the Venezuelan News Agency, the contracts include the purchase of mining equipment, the expansion of a port in the state of Bolivar and the enlarging of a shipping lane in the Orinoco River. The deals were inked on Monday, state media said.

Rusoro slips into red as Venezuelan gold output dips

Rusoro Mining, the Russian backed miner with gold assets in Venezuela, on Tuesday posted a $9.8-million net loss for the quarter ended June, having made a $3.3-million profit for the same period last year.

Venezuela: Gold industry nationalization tackles illegal mafias

On August 23, military chief Henry Rangel Silva revealed that over 40,000 hectares of land had been recovered and 15,000 people freed from conditions of “slavery” as part of Plan Caura, the Venezuelan government’s anti-illegal mining project.

Chavez formalizes nationalization of country's gold mining industry

President Hugo Chavez has signed a decree formalizing the nationalization of Venezuela's gold mining industry. The move Tuesday is aimed at giving the government total control over gold produced in the South American country.

Backwardation possible if Chavez takes gold delivery

If President Hugo Chavez of Venezuela actually takes delivery of an estimated 10 metric tons of gold, there could be an unusual development of backwardation in the futures markets, says Dennis Gartman, editor/publisher of The Gartman Letter.

Rusoro unfazed by Chavez nationalizing gold industry

Toronto-listed miner Rusoro appeared unfazed on Thursday by President Hugo Chavez's move to nationalize Venezuela's gold industry, saying it believed the decision only targeted illegal miners.

Venezuela faces logistical, security nightmare flying back 17,000 gold bars

While Venezuela President Hugo Chavez may have little to gain from seizing the half he did not already own of the only private gold miner left in the country, bringing home the 211 tonnes of gold reserves, worth $12.3 billion, held overseas, is a different story altogether.

CTV news reports bullion traders are preparing for one of the largest transfers of physical gold in recent history – about 17,000 standard 400-ounce bars – from Europe back to the South American state. While billions of dollars worth of gold is traded every day, only a tiny proportion of it moves from vaults in London, New York and Zurich.

Poor iron ore supply affects production of steel – Sidor

Workers at Alfredo ManeiroSiderurgica del Orinoco or Sidor have expressed concern at the low supply of iron ore and poor quality of the input by Ferrominera Orinoco. Through a statement, the workers said the poor supply has affected the production of

Chavez climbs on bullion bandwagon – nationalizes Venezuelan gold industry

Venezuelan President Hugo Chavez (pictured) said on Wednesday he will nationalize the gold industry, from mining through to processing, and move bullion reserves held in Europe to Venezuela's central bank.

Toronto-listed Rusoro is the only large gold miner operating in Venezuela and the country does not feature in the top 20 global gold producing states.

In late afternoon trading Rusoro had lost 6.67% in above average volumes. Rusoro holds a 50% interest in the Isidora gold mine that produced some 100,000 ounces last year. The Chavez government holds the rest.

Venezuela moves forward with expropriation of Matesi

Tenaris S.A. (NYSE: TS) (BAE: TS) (MXSE: TS) (MILAN: TEN) announced today that, within the framework of the Venezuelan National Assembly's law declaring all of Matesi's assets to be of public and social interest and ordering the Executive Branch to take the necessary measures for the expropriation of such assets, President Chavez issued Decree 8280/2011, which orders the expropriation of Matesi's assets as may be required for the implementation of a state-owned project for the production, sale and distribution of briquettes, and further instructs to commence negotiations and take any actions required for the acquisition of such assets.

Crystallex to trade on OTCQB; new trading symbol CRYXF effective Tuesday, June 7, 2011

Crystallex International announced that trading of the Company's common stock will be suspended on the NYSE Amex exchange effective at the close of business on June 6, 2011, subject to the Company's appeal to remain listed on the Exchange.

Crystallex advised of legal action by certain noteholders; company notified of Amex panel appeal decision

Crystallex International reported today that it has been served with a Notice of Application by certain holders of the senior unsecured notes of Crystallex that are due December 23, 2011.

The noteholders are seeking a declaration from the Court that there has been a "Project Change of Control" event as defined in the First Supplemental Indenture made as of December 23, 2004 which would require Crystallex to purchase all of the notes of each note holder who has so requested at a price equal to 102% of the principal amount of the notes, together with accrued and unpaid interest to the date of purchase.