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Venezuela and Canada join forces to create mining ministry

The president of Venezuela has announced the development of a mining ministry with the backing of Canadian mining company Gold Reserve. Las Brisas and ...

Dale Benton
|Jun 8|magazine3 min read

The president of Venezuela has announced the development of a mining ministry with the backing of Canadian mining company Gold Reserve.

Las Brisas and Las Cristinas will be two mines developed under the new agreement, with the Organisation of the Petroleum Exporting County (OPEC) exploring untapped mineral resources as a way of moving away from the oil industry.

Revenues from Venezuelan oil represents around 95 percent of the country’s export earnings, with the Oil and Gas sector contributing 25 percent of GDP.

“I announce the creation of the new ministry of popular power for ecological mining development," Maduro said in his weekly program on state television, appointing Roberto Mirabal to the lead the ministry.

The ministry will fall under the supervision of Venezuelan state–run Minervan and the Venezuelan Mining Corporation.

Gold Reserve has agreed to the development as a means of settling a disagreement following a dispute over the termination of a mining concession in 2009.

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Read the June 2016 issue of Mining Global magazine