Reuters: Russian-Canadian miner Rusoro said on Thursday it expects the Venezuelan government to ease a restriction on gold exports to allow private firms to sell up to 50% of output abroad ... current rules allow only 30% exports, with the rest to be sold in-country, mainly to the Central Bank (BCV).
"A fair agreement has been reached between the government and the mining industry to allow 50% of output to be sold to the Central Bank and the other 50% exported," said Rusoro's local operations director Andrea Padovani. Central Bank officials could not confirm.
If this is what we had to live with, and we were paid the world price by the central bank, we would only get paid at the official 4.53 bolivars to the dollar.
If we used those bolivars to pay our tax's, royalties, wages, and suppliers, we would in effect, end up getting market value for all the gold. Of course, that is probably being too optimistic. Lets hope that CRRC is able to negotiate a decent price for the 50% we have to sell to the Central Bank. At least the change, if it is made, to allow 50% to be exported, would be a good start. One less detail to work out.
Pen
