Venezuela picks Chinese company to develop gold project

Venezuela will develop its huge Las Cristinas gold project in partnership with Chinese state investment company CITIC. The Government last year cancelled Canadian company Crystallex International’s permit to develop the long-troubled mine project south of the Orinoco river.
Russian-Canadian miner Rusoro had hoped to partner with Venezuela in what could be Latin America’s largest gold deposit. Las Cristinas has estimated reserves of 17 million ounces.

President Hugo Chavezhas brought Venezuela ever closer to China in terms of business and political ties.Development of the Las Cristinas mine, near a town bearing the name of the mythical golden city of El Dorado, has dragged for decades due to a mixture of bureaucratic, political and financing issues.Some locals say the mine is cursed.