Venezuela enters into joint mining venture
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Venezuela enters into joint mining venture

Venezuela has ended a several years-long dispute with the Canadian mining company Gold Reserve, and will be embarking on a joint venture with the firm.

Gold Reserve invested millions in a gold concession in Venezuela, but the socialist administration later revoked its mining permit. The company took the case to international arbiters in 2009.

Oil and energy minister Eulogio del Pino said that the deal will settle the case, and will also bring the economically struggling country around $2 billion in loans.

The government will work with Gold Reserve to jointly operate two mines and is set to invest around $5 billion in exploration and production activities within Venezuela’s Orinoco belt, 2001 reports.

Several other international companies are still seeking compensation for projects expropriated and halted by the administration in recent years.

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