Venezuela repatriates 190 tons of gold

October 30, 2011

As part of the new legislation that nationalizes the marketing of gold ingots, Venezuela will import 17,000 blocks of 400 ounces of gold valued at 11 billion dollars. 40 aircraft will be needed to transport that amount.

In a total of 40 flights, the Venezuelan government will repatriate 190 tons of metal located at banks of Great Britain, Switzerland, USA and Canada to stay in the Central Bank of Venezuela.

The operating cost will be $ 9 million, including custodians and transportation, but may increase if the companies collect 1% of transported, as is the habit of some enterprises.

The new legislation provides that any gold mining in Venezuela must be sold and will be charged up to 13% in royalties, defending the national interests. He was criticized by the opposition to generate even more uncertainty in foreign companies.

“All the gold is obtained as a consequence of mining activity in the country, will be compulsory sale and delivery to the Republic of Venezuela,” reads the text.