Venezuela says signs $5.5 bln mining deals with companies

August 26, 2016 4:21 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

CARACAS (Reuters) - Venezuela has signed over $5.5 billion in mining deals with companies including Canada's Barrick Gold Corp (NYSE: ABX) and China's Shandong Gold, President Nicolas Maduro said on Friday.

Barrick, the world's largest gold producer, said in a statement that "at the invitation of the government, we intend to review information pertaining to mining opportunities in the country."

A spokesman for the Toronto-based company did not respond to questions about spending or development plans in the country.

"Today we are signing investments and letters of commitment for projects for over $5.5 billion," said Maduro in a televised meeting with foreign mining executives.

The deals are part of a plan to ease the OPEC nation's grave economic crisis that has caused food shortages and supermarket riots.

Earlier this month, Maduro said Venezuela had struck $4.5 billion in mining deals with foreign and domestic companies. He also said that he expected $20 billion in mining investment contracts to be signed in coming days.

It was unclear if the $5.5 billion were part of the broader $20 billion investments.

(Reporting by Diego Ore and Susan Taylor in Toronto, writing by Alexandra Ulmer; editing by Meredith Mazzilli, Bernard Orr)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Related Entities

OPEC

Add Your Comment