The once promising Venezuelan gold industry is in a total mess, despite government efforts.
Not surprisingly, socialist Venezuela has defaulted on yet another debt. In 2016, it entered into an agreement with Gold Reserve, Inc. to repay 1.03B owed over a canceled mining project, as ordered by the World Bank. Payments were to be made in monthly installments, but Venezuela has ceased making any payments following the fourth quarter of 2017.
Several companies have actively explored for gold in the country. But Venezuela forced out the foreign investors, and its gold mining operations have been taken over by illegal miners, usually under the supervision of Venezuela’s army. The ensuing chaos and corruption have left Venezuela’s once-promising gold industry in utter shambles...