Saturday, September 22, 2012

Venezuela and China agree to team up to develop large gold mine

This is disturbing.  When Hugo Chavez nationalized Venezuela's mining industry, they basically confiscated the assets from Crystallex, a Canadian mining company.  Since then, they have signed an agreement with CITIC, a Chinese wealth fund, to develop the gold and copper deposits of the Las Cristinas mine.  This essentially is a sterilized transfer of wealth from Crystallex to CITIC, leaving Crystallex no legal recourse.  Call it theft, which is equally appropriate.

http://www.washingtonpost.com/business/venezuela-and-china-agree-to-team-up-to-develop-large-gold-mine/2012/09/21/3df036aa-0440-11e2-9132-f2750cd65f97_story.html



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