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martes, 20 de abril de 2010

Mineweb - Colombia to attract $4.5 billion for gold mining over 10 years - POLITICAL ECONOMY


Colombia to attract $4.5 billion for gold mining over 10 years

Colombia in Latin America is a new gold exploration hotspot with gold companies due to invest $400 million in 2010
Author: Diana Delgado
Posted: Monday , 19 Apr 2010

BOGOTA (REUTERS) -
Gold mining companies will invest as much as $4.5 billion over the next ten years in Colombia, attracted by rich unexplored areas and soaring prices, the head of the country's Asomineros miners group told Reuters.
Gold companies are expected to invest as much as $400 million in exploration and production this year, up from $300 million in 2009, Arturo Quiros, executive director of Asomineros said on the sidelines of a mining seminar in capital city Bogota.
Areas of exploration have opened up in Colombia under President Alvaro Uribe, who is popular for increasing security with his U.S.-backed crackdown drug-running guerrillas.
"The gold boom has continued due to high prices of the metal," Quiros said.
"Improved security conditions and relatively unexplored areas compared to other countries in Latin America explain why there is such a high interest to explore in Colombia," he said.
In all, Colombia will double its gold production over the next five years. The Andean country could produce around 3 million troy ounces of gold in 2015, twice as much as the 1.57 million troy ounces produced last year and much higher than the 501,500 troy ounces produced in 2006, Quiros said.
Colombia attracted a record $3.24 billion in foreign direct investment (FDI) in mining last year, compared with $2.11 billion in 2008. Of that amount, the coal sector saw the biggest inflows, Silvana Giaimo, vice minister of mines and energy, said.
Mining weighted 40 percent of the country's total foreign direct investment last year, much higher than the 19 percent in 2008.
"Foreign direct investment in mining will continue. The potential is huge," Giaimo said, noting that Canadian companies are especially interested in exploring precious metals in Colombia.
Canadian Greystar Resources (GSL.TO) plans to invest about $39.3 million this year in its Angostura gold and silver project, more than double the $19.6 million invested last year, Geoff Chater, vice president of corporate development told Reuters.
Of the total, Greystar has allocated approximately $24.5 million for infrastructure related to the Angostura project. The remaining $14.7 million will be used to complete the feasibility study and exploration drilling, Chater added.
Greystar plans to begin the construction of the mine in 2011, Chater noted.
The company plans to invest $600 million at its Angostura gold and silver mine with output beginning in the second half of 2012, Frederick Felder, Greystar's executive vice president had said.
Angostura is expected to produce an average of 2.3 million ounces of silver per year over the expected 15-year life of the mine.
Canadian Medoro Resources (MRS.V) plans to invest about $100 million in exploration, production and related activities this year at its recently acquired gold companies Frontino, Mineros Nacionales, Colombia Gold PLC and Colombia Gold.
AngloGold Ashanti's (ANGJ.J) is also expected to invest $100 million in exploration at its La Colosa mine in Tolima province, where the company announced it had found unproven reserves of 12.3 million ounces. (Reporting by Diana Delgado; Editing by Marguerita Choy)

Mineweb - Colombia to attract $4.5 billion for gold mining over 10 years - POLITICAL ECONOMY

viernes, 3 de julio de 2009

The Bolivarian Brain Drain

The Bolivarian Brain Drain
Newsweek
Hugo Chavez and his allies are tightening their grips, forcing the intelligentsia to leave in droves.
Mac Margolis
Newsweek Web Exclusive

For just a moment, in the early days of his presidency, Venezuela's Hugo Chávez looked almost like a healer. "Let's ask for God's help to accept our differences and come together in dialogue," he famously implored his conflicted compatriots in 2002. Instead what Venezuelans got was an avenger. The government is seizing privately owned companies and farms. Labor unions have been crushed. Political opponents are routinely harassed or else prosecuted by chavista controlled courts. And now after a decade of the so-called Bolivarian revolution, tens of thousands of disillusioned Venezuelan professionals have had enough. Artists, lawyers, physicians, managers and engineers are leaving the country by droves, while those already abroad are scrapping plans to return. The wealthiest among them are buying condos in Miami and Panama City. Cashiered oil engineers are working rigs in the North Sea and sifting the tar sands of western Canada. Those of European descent have applied for passports from their native lands. Academic scholarships are lifeboats. An estimated million Venezuelans have moved abroad in the decade since Chávez took power.

This exodus is splitting families and interrupting careers, but also sabotaging the country's future. Just as nations across the developing world are managing to lure their scattered expatriates back home to fuel recovering economies and join vibrant democracies, the outrush of Venezuelan brainpower is gutting universities and thinktanks, crippling industries and hastening the economic disarray that threatens to destroy one of the richest countries in the hemisphere. Forget minerals, oil and natural gas; the biggest export of the Bolivarian revolution is talent.

The Bolivarian diaspora is a reversal of fortune on a massive scale. Through most of the last century, Venezuela was a haven for immigrants fleeing Old World repression and intolerance. Refugees from totalitarianism and religious intolerance in Spain, Italy and Germany and Eastern Europe flocked to this country nestled between the Caribbean and the Andean cordillera and helped forge one of the most vibrant societies in the New World. Like most developing nations, the country was split between the burgeoning poor and an encastled elite. But in the 1970s and 1980s, Venezuelans were the envy of Latin America. Oil rich, educated, with a solid democratic tradition, they lived a tier above the chronically unstable societies in the region. "We had a relatively rich country that offered opportunities, with no insecurity. No one thought about leaving," says Diego Arria, a former Venezuelan ambassador to the United Nations, who lives in New York. "Now we have rampant crime, a repressive political system that borders on apartheid, and reverse migration. Venezuela is now a country of emigrants."

It's much the same all over the axis of Hugo, the constellation of 10 states in the Andes, Central America and the Caribbean that have followed Chávez in lockstep in the march towards so called 21st century socialism. In the name of power, justice and plenty for the downtrodden the leaders of the "Bolivarian alternative" in Bolivia, Ecuador, Nicaragua are rewriting their constitutions, intimidating the media and stoking class and ethnic conflicts that occasionally explode in hate and violence. (The military coup on June 28 that ousted Honduran president Manuela Zelaya, a key Chávez ally, is the latest example of the blowback from the Bolivarian revolution.) The middle classes and the young are taking the brunt. A study just released by the Latin America Economic System, an intergovernmental economic research institute, reports that the outflow of highly skilled labor, aged 25 or older, from Venezeula to OECD countries rose 216 percent between 1990 and 2007. A recent study by Vanderbilt University in Nashville showed more than one in three Bolivians under 30 had plans to emigrate, up from 12 percent a decade ago, while 47 percent of 18-year-olds said they planned to leave. Many established professionals have already made up their minds. "I ask myself if I'm not patriotic enough," says Giovanna Rivero, an acclaimed Bolivian novelist who is leaving for a teaching job at the University of Florida and has no plans to come back. "But Bolivia is coming apart. There are people who´ve known each other all their lives who don't talk to one another anymore."

In Venezuela, Chavez has pushed hard against anyone who refuses to accept his party line. Daniel Benaim was one of Venezuela's top independent television producers, turning out prime time entertainment and game shows for national channels with Canal Uno, a leading production house. "We had 160 employees and a 24/7 operation," he says. But after the failed coup against Chávez in 2002, the government cracked down on independent media and programming budgets dried up. In a month, Canal Uno was down to four employees and heading for bankruptcy. Benaim redirected his business to serve the international advertising market and raked in prestigious international awards, including multiple Latin Emmys. But opportunities for non-chavistas in Venezuela had dried up. One by one, he watched the people he trained over the years leave the country. "I used to give angry speeches about the brain drain. Now I have to bite my tongue," says Benaim, who is also moving to the U.S. "We had the best minds in the business, and now there's nothing for them here."

One of Benaim´s associates was Gonzalo Bernal Ibarra. He, too, had soared up the career ladder in broadcast television and until recently ran a campus network that reached 100,000 students. Everything changed in late 2007 when Chávez lost a refrendum to rewrite the constitution and began to crack down on his media critics, including Bernal. Strangers in jackets with weighted pockets--dress code for Chávez´s military intelligence police--began to follow him day and night. Then congress was set to pass a bill obliging schools to teach 21st century socialism. "I didn't want my kid learning that crap," he says. Even shopping became a trial as spiking inflation and government price controls emptied the supermarkets of basic goods like milk, eggs and meat. One day in late 2008, he opened a bottle of whiskey and held a yard sale. "I got drunk and watched my life get carted away," he says. He now lives in the Washington, D.C. area, with his wife and six year old daughter, and is trying to adapt. "I was living in the most beautiful, wonderful, funny country in the world. Now a third of my friends are gone. In another ten years, Venezuela is going to be a crippled country."

No industry has been harder hit by the flight of talent than Venezuela's oil sector. A decade ago, Petroleos de Venezuela (PDVSA) ranked as one of the top five energy companies in the world. Everything changed under Chávez, who named a Marxist university professor with no experience in the industry to head the company. PDVSA's top staff immediately went on strike and paralyzed the country. Chávez responded by firing 22,000 people practically overnight, including the country's leading oil experts. As many as 4,000 of PDVSA's elite staff are now working overseas. "The company is a shambles," says Gustavo Coronel, a former member of the PDVSA board, who now works in the Washington D.C. as an oil consultant. Up until 2003, researchers at the company's Center for Technological research and Development generated 20 to 30 patents a year. Last year it produced none, even though its staff has doubled. PDVSA produced 3.2 million barrels of crude oil a day when Chávez took control. Now it pumps 2.4 milion, according to independent estimates.

The decline has spread across Venezuelan society, heightened by cronyism, corruption and censorship. In May, on the pretext that scientists were pursuing "obscure" research projects such as "whether there is life on Venus," Chávez began to slash budgets at the university science centers, where the country's cutting edge public health research was carried out. Instead he poured petrodollars into official "misiones cientificas" (scientific missions), where the purse strings are controlled by Chávez allies. Now the country's most respected research institutes are falling behind. Earlier this year, Jaime Requena. a Cambridge University trained biologist at the Institute of Advanced Studies, was forced into retirement and stripped of his pension after publishing a paper charging that scientific research in Venezuela was "at a 30-year low." The number of papers published by Venezuelans in international scientific journals fell from 958 to 831, a 15 percent drop in just the last three years. At aged 62, with an aging mother, Requena has few options. "It's not easy to get another job at my age. I would leave Venezuela if I could. My friends and colleagues all have."

An estimated 9,000 Venezuelan scientists are currently living in the U.S. - compared to 6,000 employed in Venezuela. One of the victims is an internationally acclaimed life sciences expert, who quit his job as chief of a major research laboratory in Caracas to try his luck in the U.S. in 2002, but always nursed hopes of returning. "I sent the government a number of proposals and they never got back to me," he says asking not to be named for fear of reprisals against his relatives in Venezuela. "Now it's all about politics. If you are not with Chávez you will never get grants. You will be persecuted. This is a war on merit." Venezuelan medical science, he said, is groping in the dark. "The last epidemiological report Venezuela published was in 2005," he says. "We don't even know what diseases we have and whether they are increasing or decreasing. This is the Cuban model, of keeping people in the dark."

The Bolivarian diaspora seems to be getting worse. Though census data is patchy, Latin American analysts say that outmigration from Venezuela, Bolivia and Ecuador has created sizeable enclaves in the U.S., Spain, Colombia and Central America. Panama City glistens with new buildings built by moneyed Venezuelan expatriates, who number some 15,000, up from a few thousand at the beginning of the decade. So many Venezuelans have flocked to Weston, a suburb of Fort Lauderdale, locals call it Westonzuela. There is hardly a middle class family in Venezuela without a son or daughter abroad," says Fernando Rodríguez, a columnist for the anti Chávez newspaper Tal Cual. In fact, far more people from the Bolivarian countries might be emigrating if it weren't for the global recession and rising hostility to outsiders, Venezuelan emigrants do not qualify as political refugees and enjoy no special advantage in the fierce competition for the 400,000 H1B work visas issued yearly by the U.S. for highly skilled migrants, three quarters of which go to Indians, who have an edge because they can speak English. "One reason we are not seeing more dislocation from these countries is that many people have no place to go," says Alejandro Portes, a sociologist who studies global migration at Princeton University.

Latin America has seen this before. Virtually the entire Cuban middle class fled to the U.S. after Fidel Castro's revolution, turning Miami into a business hub for Latin America while Havana moldered. The Cold War, stagflation, serial debt crises and massive unemployment drove the brain drain through the 1980s, Latin America's lost decade, especially in Chile, Colombia, Argentina, Peru and throughout Central America. By the early 2000s, some of the countries convulsed by dictatorship or guerrilla insurgency, such as Chile and Peru, had managed to reverse course, making their societies prosperous and safe. But other countries have struggled to bring their expatriates home. In the 1980s and 1990s, Colombia had become synonymous with cocaine, violent crime and guerrilla warfare, all of which drove some four million Colombians from their homes. Targeted by kidnappers and political thugs, tens of thousands of middle class professionals left the country. In 2002 Pres. Álvaro Uribe declared war on drugs and crime, and now onetime bandit cities like Cali, Medellin and Bogota are safer than ever and have even become models for the rest of crime-ridden Latin America. Yet the brain drain has not reversed. "Either the [emigrants] have found the American dream or they are not yet convinced that it's safe to return," says Jorge Rojas, of Codhes, a Colombian thinktank that tracks refugees. "It shows how difficult it can be to recover lost talent."

For the nations of the Bolivarian Revolution, this means some dark days are likely to be ahead. Even the wealthiest nations could ill afford to lose their best and brightest, and Venezuela, Bolivia, Ecuador and Nicaragua have all fallen in the World Economic Forum's competitiveness index. Fitch ratings recently demoted all three countries' debt to junk status, while the World Bank placed the Bolivarian trio of Bolivia, Ecuador and Venezuela in the bottom quarter of its ease of doing business, along with most of the African continent.

Though much has been made of how developing world migrants can mitigate underdevelopment by sending precious savings back home, remittances will not close the widening talent gap that is sapping societies of their ablest hands. "If a 20-something engineer or computer specialist leaves the country, who cares? But in ten years we'll be feeling the loss," says Rául Maestres, a human resources expert in Caracas, whose son and daughter recently left Venezuela -he to work at U.S. architecture firm, she to study advertising in Buenos Aires. "When you think about the opportunities we have lost, you could sit down and cry."

Still there may be a glimmer of revival. Ostracized at home and unwelcome abroad, expatriate communities are trying to turn distance into strength. Using the web, universities and the expatriate grapevine, foreign nationals from the populist countries are talking to each other and building ties with dissidents around the world. Back home opposition movements are making a stand, launching protest marches and candidates in a major city in each country--Guayaquil in Ecuador, Santa Cruz de la Sierra in Bolivia, Maracaibo in Venezuela. "We are putting together a web of exiles as a counterbalance to authoritarianism," says Coronel, who is tapping the diaspora for a gathering in Ecuador or Argentina in the next few months. "You could call it a kind of axis of freedom." That may sound optimistic given the stranglehold Chávez and his followers have on their countries. But given the growing numbers and brain power of Latin America's new dissidents, uniting their voices might just make a difference.

URL: http://www.newsweek.com/id/204835
© 2009

miércoles, 13 de febrero de 2008

Congelados por la vergüenza

Congelados por la vergüenza

Caracas, martes 12 de febrero, 2008
El Universal, Opinión


"Congelan 12.000 millones de dólares en bienes de Petróleos de Venezuela (Pdvsa) por disputa con Exxon" (El Universal, 07/02/2008 y en una pila de periódicos nacionales e internacionales).

Congelados los precios, congelado el control de cambio, congelados los anaqueles y las cavas, congelados los cánones de arrendamiento, congelados los peajes, congelados, también, ahora, estamos los venezolanos, por el frío que nos atraviesa el espinazo de purita vergüenza que nos causa el congelamiento de los activos mundiales de nuestra industria nacional, por más de 12 mil millones de dólares, gracias a la "barbaridad, imprudencia, locura, insensatez, error, disparate, estupidez, necedad" (sinónimos de "burrada", Diccionario de Sinónimos y Antónimos, Santillana) del peor presidente que ha tenido Venezuela desde 1811 hasta esta fecha.

Es imperdonable que un gobernante, cuya función es servir al pueblo con la diligencia de un buen padre de familia, fomente el odio, apañe la violencia, destruya la economía, arruine a Pdvsa y vulnere la seguridad de los ciudadanos. Pero más grave aún es que lo haga impunemente, sin rendir cuentas a nadie y sin que nadie se las exija en el propio país. Tiene que ser una empresa extranjera la que mueva los resortes de la administración de justicia de otros países para que se sancione el mal proceder de un jefe de Estado que, equivocadamente, piensa que puede hacer y deshacer compromisos y contratos a su antojo, y que puede maltratar y ofender al prójimo sin consecuencias.

Hugo Chávez nos ha expuesto como nadie a la crítica, al deshonor y a la vergüenza ante nosotros mismos y ante el mundo. A la inmoralidad de su gobierno se suman su incompetencia y estrepitosa incapacidad para gobernar el país, con la adocenada complicidad de los representantes de los poderes Legislativo, Judicial, Electoral y Ciudadano, amén del apoyo de un grupo de devotos que no ven más allá de su boca o de su beca. Cuesta creer que de todos los que se fosilizan dentro de esos bloques de hielo, inoperantes e inútiles, en que han degenerado nuestras instituciones, no haya un diputado, o un magistrado, con un mínimo de sentido común y de responsabilidad, capaz de descongelar su propio miedo y derretir su sumisión, para convencerse y convencer a sus pares de la necesidad de que prospere un antejuicio de mérito contra el Presidente de la República.

¿Será posible que una orden judicial como ésta, que bloquea las cuentas de Pdvsa en los bancos de todo el mundo, que congela los bienes de la principal empresa nacional, no remuerda la conciencia de esa gente, no altere su ritmo cardiaco, no perturbe su sueño? ¿Será que un acontecimiento tan bochornoso no nos duele a todos ni nos duele igual?

En vano saldrán a predicar patriotismo, a pregonar soberanía, a rifar revolución, a defender nacionalismo. Ha quedado fehacientemente demostrada la inescrupulosidad con la que Hugo Chávez y sus lacayos abusan del poder, estafan al pueblo y enajenan el patrimonio nacional.

http://opinion.eluniversal.com/2008/02/12/opi_1459_art_congelados-por-la-ve_12A1355443.shtml

lilianafasciani@yahoo.es
http://lilianafasciani.blogspot.com/

jueves, 18 de octubre de 2007

Gold Fields sells Venezuela assets for $520 mln to Rusoro Mining

Gold Fields sells Venezuela assets for $520 mln

Fri Oct 12, 2007 11:04am EDT

(Update 5-Adds fresh CEO quotes)

By James Macharia

JOHANNESBURG, Oct 12 (Reuters) - South Africa's Gold Fields (GFIJ.J: Quote, Profile, Research) sold its Venezuelan assets for $520 million a day after selling a West African project and it said on Friday it would focus on quality mines internationally.

Canadian-listed and Russian-owned Rusoro Mining Ltd. (RML.V: Quote, Profile, Research), a junior gold producer, said it had agreed to buy Gold Field's Venezuelan assets, including its Choco 10 mine, for $150 million in cash, $30 million in a convertible vendor loan and 140 million Rusoro shares.

Gold Fields, the world's fourth-biggest gold producer, will own 38 percent of Rusoro and valued the shares at $340 million, based on a 10-day volume weighted average price.

Gold Fields Chief Executive Ian Cockerill said while the sale had reduced Gold Fields' international footprint, the company was committed to its strategy of global growth, but that it would focus on quality mines.

The firm has said it would continually review its portfolio of assets and dispose of those that do not meet its aim of having few, high quality mines over the next six to seven years.

"We have definitely not changed course and our aspiration to grow our international portfolio with appropriately sized, value adding assets remain as strong as ever," he said in a statement.

"Additional capital investment is required to realise the full potential of the Choco 10 gold mine. However, after careful consideration we have concluded that, given the current environment, this investment is better made by others."

He told a conference call Gold Fields was looking at several opportunities to buy mines globally, but gave no details, and said the socio-economic landscape in Venezuela had moved more towards the risk side than the rewards side.

HUGO CHAVEZ FACTOR

Asked if the fact that Venezuela's President Hugo Chavez was ruling by decree was behind his firm's decision to sell Choco 10, Cockerill said: "Clearly it was a factor in our decision."

He said another factor was that the offer from Rusoro presented Gold Fields with a return of some 25 percent on its total investment of $425 million in the project, which was Gold Fields' smallest operation and has had problems recently.

Gold Fields bought the mine for $360 million from Canada's Bolivar Gold Corp in March 2006, but has battled with water problems and strikes.

Cockerill said although the firm wanted to reach a target of 1.5 million ounces by 2009 from its mines outside of South Africa, it would not do so at any cost. By selling Choco 10, the company had fallen short of that target by some 900,000 ounces.

Gold Fields, which produces about 4.0 million ounces of gold yearly, has mines in South Africa, Ghana, Australia and Peru.

"We are going to try to reach that target, but we will not slavishly add ounces just to reach a target, by adding profit-less ounces," he said.

On Thursday Gold Fields announced the sale of a 60 percent stake in the largest gold deposit in Burkina Faso in West Africa to Canadian partner Orezone Resources (OZN.TO: Quote, Profile, Research) for $200 million.

Gold Fields said it would use the cash from both sales to reduce debt or fund its expansions.

It is focused on expanding output at its South Deep project in South Africa, where it wants to triple output to 800,000 ounces a year in five years from about 270,000 now.

Rusoro said it planned to use its Venezuelan operating experience to resolve the hurdles encountered by Gold Fields.

© Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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