Crystallex International

Caracas, December 16 AVN -. Vice President Economic Area, Rafael Ramirez, said Monday that a joint venture will be created gold between the Central Bank of Venezuela (BCV) and Petróleos de Venezuela (PDVSA).

"The only partner with the state oil company will be the Central Bank of Venezuela," said the minister also Petroleum and Mining, during a press conference held in Caracas.

He explained that the state will have a majority stake of 60%, by having control of the nation's gold reserves, while the issuer will handle the remaining 40%.

"This company is very important because PDVSA, through the Venezuelan Mining Corporation, has awarded the right to protection of more than 92 billion ounces of gold," he said.

Ramirez said that this joint venture is valued at 40 billion dollars, and will contribute to relaunch gold sector in 2014.

He added that the formation of this joint venture and permit an increased uptake of the gold produced in the country, offering a similar rate to that handled in auctions Complementary Currency Management System (Sicad).

"There are two ways to market gold, through the international market or selling at BCV" he said.