Mining executive criticizes Venezuela’s gold sales policy

Venezuela’s mining law was publicly criticized in both Spanish and English by Raymundo Chico, president of Denver-based Amada Mineral Corp., during a recent trade symposium in Denver, Colo.

Chico, an Argentine-born mining executive, complained that after major gold deposits were discovered in Venezuela by Canadian and American companies and readied for production, “the government changed rules to the detriment of foreign investors, including, among other measures, withholding mining titles”.

His remarks were addressed to delegates at the Hemispheric Trade Summit, where the issue of free trade was under discussion. In particular, he criticized the Venezuelan government’s clamping down on market control for 40% of the gold to be mined by foreign investors. He called the policy “business blackmail.”

Chico concluded his bilingual remarks by stating: “Perhaps the time has arrived to resuscitate General Jose de San Martin Libertador of Chile and Peru in order to bring freedom and equity for gold mining in Simon Bolivar’s homeland.”