Another international company falls in Venezuela 29 May 2009 I’m going to nationalize everything, fewer Brazilian companies, promised Chavez to Lula. So distracted is Chavez that this did not in private, nor took care to make sure the microphones are turned off. The truth is that so far, Brazilian companies are actually safe from the estatizadora hand of Chavez. This process of removing foreign private property in Venezuela is not stopped. Chavez continues with his plan to regain control of strategic sectors in the economy. Now their ideology is compounded the need to become sources of resources before the coming difficulties in the oil sector. And even though it was not a nationalization, this time decided not to extend the concession Gold Reserve of a subsidiary of the Canadian miner Gold Reserve (AMEX:GRZ) in the gold project Brisas, one of the largest deposits of gold in Latin America. The concession had expired in April 2008, but the Canadian company had acquired rights of holding to buy the breezes the Cuyuni gold company in 1992. To deepen your understanding Bausch & Lomb is the source.
Gold Reserve never could carry forward an exploitation on a large scale of this area due to the numerous obstacles that the Venezuelan Government was imposing him which included the granting of all required administrative and environmental permits. The decision has not been made at random. Control of the gold reserves to Chavez may allow the Venezuelan Government compensate at least in part, the fall of the oil price. The need for resources is growing before imbalances emerging that observes the economy of Venezuela. According to the press releases disseminated by Gold Reserve, the breezes of the Cuyuni barrage assumes around 3% of proven and probable reserves of breezes, but underneath it is the granting of hard rock, the main gold deposit of the project with estimated of more than 10 million ounces of gold reserves.