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Overview

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

Commitments (Constant USD, 2023)$708,657,248
Commitment Year•2014Country of Activity•VenezuelaDirect Recipient Country of Incorporation•VenezuelaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2014

Geospatial footprint

Map overview

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Las Cristinas is reportedly one of the largest undeveloped gold deposits in the world and 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. More detailed locational information can be found at https://www.openstreetmap.org/way/800451484#map=13/6.2017/-61.4440

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • Pétroleos de Venezuela S.A. (PDVSA)

Implementing agencies

State-owned companies

  • CITIC Group Corporation Ltd.

Loan desecription

Bank of China provides $691 million loan for Geological Survey and Las Cristinas Gold Mine Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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.

Staff comments

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 Record ID#58610).