Rusoro Mining to Form Gold Venture With Venezuela’s PDVSA
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Rusoro Mining Ltd., the only publicly traded gold miner left in Venezuela, agreed to transfer its assets to a joint venture with a state-owned company after President Hugo Chavez nationalized the industry.
Rusoro, based in Vancouver, will transfer gold assets in Venezuela to the venture with Petroleos de Venezuela SA and own 45 percent of the new company, Chief Executive Officer Andre Agapov said today in a telephone interview. PDVSA, as the Caracas-based state oil company is called, will own the rest.