Venezuela's Political Turmoil Sparks Mining Boom; Miners Plan to Reclaim $44.4 Billion in Key Gold Mines
After years of legal battles with the Maduro government over two gold mines confiscated in Venezuela, the small mining company Gold Reserve now sees hope of reclaiming these key assets following the arrest of the leader by U.S. forces last Saturday. The company previously operated the Brisas and Siembra Minera gold-copper mines, but they were expropriated by the Venezuelan government in the 2000s and 2010s. Among them, the confiscated Brisas deposit holds approximately 10 million ounces of gold, valued at about $44.4 billion based on Monday’s gold prices. The company’s vice chairman, Paul Rivett, said he received numerous calls over the weekend from mining companies expressing interest in these deposits. Rivett said he is already exploring potential deals to help develop these resources under Venezuela’s new government. The company’s early moves indicate that mining and resource investors have begun to test the waters of the country’s rich mineral reserves following the dramatic political upheaval over the weekend.
Source:富途快讯 · Source Link
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