(Energy Analytics Institute, Piero Stewart, 1.Apr.2016) – Venezuela plans to immediately focus efforts on the exploitation and export of its massive gold resources located in Bolivar state in an attempt to avoid a financial default on its international obligations later this year.
Resource-rich Venezuela’s Bolivar state contains gold reserves of nearly 7 million tons worth an estimated $280 billion, reported the country’s Oil and Mining Ministry in a statement on its website, citing ministry head Eulogio Del Pino.
Plans to produce 20,000 tons per year of gold in 2016-2017 and eventually 100,000 tons per year thereafter will allow Venezuela to diversify its foreign income base and reduce its dependency of the oil rentier model, said Del Pino.
“The only thing they are exporting is corruption,” said Venezuelan National Assembly congressman, Américo De Grazia in an interview with Energy Analytics Institute in Caracas.
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