Bank of China provides $691 million loan for Geological Survey and Las Cristinas Gold Mine Project (Linked to Project ID#58610)

On July 21, 2014, Bank of China (BoC) signed a $691 million loan agreement with Petroleos de Venezuela S.A.(PDVSA) to finance the survey of mineral deposits in the country and the Las Cristinas Gold Mine Project. The deal was signed by BoC, CITIC Group and Petroleos de Venezuela S.A.(PDVSA) and the loan proceeds will reportedly fund CITIC Group to conduct geological surveys and study the feasibility of developing gold and copper ores in the country. Las Cristinas gold mine is reportedly one of the largest undeveloped gold deposits in the world. It is divided into four mining concessions, Cristina 4, 5, 6, and 7, which are located within the municipality of Sifontes in the State of Bolívar in the Guayana region in southeast Venezuela. The Las Cristinas site borders the Cuyuni River, is approximately 6 km west of the village of Las Claritas and 20 km from the border of Guyana, and sits in the Imataca National Forest Reserve. The terms of the BOC loan are unknown and the implementation status of this project is also unknown.

Additional details

1. This project, which is sometimes referred to as the Sifontes Sur gold and copper project, should not be confused with a $700 million loan from the China Development Bank (captured via Project ID#58610).

Number of official sources

8

Number of total sources

22