China, Venezuela sign agreement on gold mine developmentSeptember 22, 2012 - 13:29 AMT PanARMENIAN.Net - Chinese and Venezuelan officials signed an agreement Friday, Sept 21, to jointly develop one of the world's largest gold mines, AP reports. The agreement to develop Las Cristinas gold mine was signed by officials of the Venezuelan government and the Chinese company China International Trust and Investment Corp., or Citic. The mine in southern Bolivar state has been estimated to hold about 17 million ounces of gold. President Hugo Chavez called it an agreement to begin exploiting both gold and copper deposits at the mine. He called Las Cristinas "one of the biggest reservoirs of gold that exists — not only in Venezuela, not only in Latin America, but in the world." Officials didn't discuss financial details of the agreement but said it specifies engineering, construction and processing of the gold and copper. Chavez said officials also signed an agreement to produce a map of mineral deposits in the South American country. He announced the deals after a meeting with Chinese officials at the presidential palace. Chavez said they also agreed to deepen cooperation in Venezuela's oil industry. China's ties with Venezuela have grown rapidly in recent years. China also has become the country's biggest creditor, offering Chavez's government more than $36 billion in loans, which are being paid off largely with increasing oil shipments. Last year, Toronto-based Crystallex International Corp. said it sought international arbitration after Venezuela rescinded its contract to develop Las Cristinas mine. The company said it had appealed to a World Bank arbitration body, claiming it was due $3.8 billion in compensation. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |