And there’s no catch at all. Unless you think there’s anything at all that could go wrong or that there’s a chance that this JV between Venezuelan State oil company PDVSA and the Venezuela Central Bank is being slightly overvalued from the outset. Here’s State wire AVN (translated)
Caracas, 16 December AVN: The Vice-President of the Economy, Rafael Ramirez, said on Monday that a JV gold company would be created by the Venezuela Central Bank and PDVSA.“The only partner of the State oil company in this JV will be the Venezuela Central Bank”, said Ramirez, who is also the minister of petroleum and mines, during a press conference.“The company is very important because PDVSA, via the Venezuela Mining Corporation, has been granted the rights over 92 billion* ounces of gold,” he said.Ramirez pointed out that this JV company is valued at U$40Bn, and would contribute to the re-launching of the Venezuelan] gold sector in 2014.He added that the make-up of this JV company will allow the State to receive a larger amount of the gold that’s produced in the country
*NOT an error: The report quotes Ramirez as saying “92 mil millones de onzas de oro” which is 92 thousand million ounces of gold, i.e. 92 Billion with a B