Barrick signs on to Venezuela gold push as oil sinks economy

Section:

By Danielle Bochove
Bloomberg News
Friday, August 26, 2016

Barrick Gold Corp. agreed to form a joint venture in Venezuela, according to state television, as President Nicolas Maduro turns to mining as a way to boost one of the fastest-shrinking economies in the world.

The world's biggest producer of the precious metal was among several companies to sign letters of commitment for gold-mining ventures during a ceremony held at the presidential palace in Caracas on Friday. The government would take a 55 percent stake in the proposed Barrick venture, Maduro said.

"At the invitation of the government, we intend to review information pertaining to mining opportunities in the country," Andy Lloyd, a spokesman for Toronto-based Barrick, wrote in an e-mailed response to questions. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-08-26/barrick-signs-on-to-ve...



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