icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russian companies get green light to mine gold in Venezuela

Russian companies get green light to mine gold in Venezuela
Venezuelan authorities have offered Russian companies to take part in gold exploration and gold mining in the country, according to Russian Ambassador to Venezuela Vladimir Zaemsky.

“As for Russia’s participation in gold-mining or other mining projects, Venezuela has made a wide range of interesting proposals that are currently under consideration by interested Russian operators,” the ambassador said.

The official added that Caracas is deeply interested in cooperating with Russia in the sector of exploration of the country’s solid extractable resources, including gold, diamonds and coltan, which is used for the extraction of elements such as niobium and tantalum.

Also on rt.com Inflation in Venezuela hits 1,300,000%, opposition-led Congress claims

Apart from proven oil deposits, considered the richest in the world, Venezuela is considerably rich in natural resources such as diamonds, gold, iron ore, aluminum, bauxite, natural gas, and petroleum. According to a report by the World Gold Council published in June, the country has 150 metric tons of gold reserves, which makes it the 25th largest gold reserve in the world.

However, the current economic crisis and US sanctions have forced Venezuela to rely on help from other nations. Earlier this year, Washington banned American businesses and individuals from dealing with entities and people involved in gold sales from the country.

In December, Caracas and Moscow signed a $5 billion investment deal to raise Venezuela's oil production by one million barrels per day.

Also on rt.com Bank of England refuses to hand over Venezuela's gold – report

According to Zaemsky, the parties are also discussing possibility of cooperating on Russia’s Global Navigation Satellite System (GLONASS), which is run by the Russian Aerospace Defense Forces and is currently the second alternative navigational system in operation.

For more stories on economy & finance visit RT's business section

Follow news the mainstream media ignores: Like RT’s Facebook
Podcasts