Barrick signs on to Venezuela gold push as oil sinks economy

Barrick Gold Corp. agreed to form a joint venture in Venezuela, according to state television, as President Nicolas Maduro turns to mining as a way to boost one of the fastest-shrinking economies in the world.

The world’s biggest producer of the precious metal was among several companies to sign letters of commitment for gold-mining ventures during a ceremony held at the presidential palace in Caracas Friday. The government would take a 55 percent stake in the proposed Barrick venture, Maduro said.

“At the invitation of the government, we intend to review information pertaining to mining opportunities in the country,” Andy Lloyd, a spokesman for Toronto-based Barrick, wrote in an e-mailed response to questions.

Read more at: Bloomberg