Russian Technologies Corp to conduct feasibility studies for JV development of Venezuelan mining

VHeadline Venezuela News reports: According to a report published in the regional newspaper Nueva Prensa de Guayana, the Ministry of Basic Industries & Mining (Mibam) is seeking to enhance the processes of production and consolidation of its industrial processes in four cooperation agreements signed during the 5th Venezuela-Russia High Level Intergovernmental Commission held some two weeks ago to allow the Venezuelan Guayana Corporation (CVG) to strengthen its position in the mining sector, specifically in the south of Bolivar state.

A Letter of Intent signed with the Russian Technologies Corp sets out terms and conditions to conduct a technical, economic and financial feasibility aimed at forming a joint venture for the development of the mining sector, and to improve working conditions and generate employment throughout the sector.

The RUSAL company is already forging ahead with a series of multi-metal ore-processing and separation projects as defined by Mibam, and it conducting further exploration work in designated sectors to gain an overview of opportunities to exploit and develop new deposits for alloy production. The new joint venture also plans to install an integrated industrial complex to mine for bauxite, an alumina plant with a capacity of 1,400,000 metric tonnes per year and an aluminum plant with a capacity of 750,000 tonnes of primary aluminum per annum.

• The CVG and Rusal are also set to conduct a feasibility study for the construction of a thermoelectric plant, as part of plans to enhance energy supplies to state-owned enterprises at Los Pijiguaos and Cabruta for the production of alumina and primary aluminum.

The creation of a Minera Venrus JV for the exploration, processing, storage and marketing of gold, as well as development and transfer of mining technology, construction and gold processing is one of the concepts reviewed in an agreement while another is for the CVG and RusCaolin to set up a joint operational venture (to be named Ciproca) for ceramics and related products in industrial units for the production of tiles, sanitary ware, crockery, ceramics and glazed stoneware and ceramic and water-based paints.

VHeadline Venzuela News
vheadline@gmail.com

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