Colombia to attract $4.5 billion for gold mining over 10 years
Posted: Monday , 19 Apr 2010
Noticias, Informes y Artículos de Opinión sobre temas de Actualidad, Economía y Finanzas, Recursos Naturales, América Latina, y otros Misceláneos de Internet
| Presentan en CVG Alcasa nuevos proyectos de adecuación tecnológica |
| jueves, 18 de febrero de 2010 | |
Impulsando la recuperación operativa y financiera de CVG Alcasa, en el marco del Plan Guayana Socialista 2009-2019, fueron presentados los proyectos de adecuación tecnológica que se requieren ejecutar para tal fin, ante los trabajadores de la empresa, quienes deberán validar cada propuesta. Tales proyectos son el resultado del trabajo mancomunado entre los miembros de las mesas técnico-productivas, y las gerencias de la pionera del aluminio. En primer lugar, se mostraron los planes necesarios para recuperar y ampliar la capacidad instalada de Laminación, lo cual, en una primera fase del proyecto implicaría alcanzar 36 mil toneladas anuales, hasta llegar a una cuarta fase en la que se estaría en capacidad de producir 116 mil toneladas de aluminio laminado. A su vez, se adaptará el sistema de lubricación y se dará reemplazo del sistema de herramientas de la fresadora, y se adquirirá un sistema de control de enfriamiento para hornos de precalentamiento, así como de un tercer horno de precalentamiento dirigido a incrementar la producción. En referencia a Reducción, se enunció un plan para Líneas III y IV que permitirá incorporar celdas y recuperar la capacidad operativa de dichas líneas, logrando producir 170 mil toneladas anuales. Para ello, según la propuesta, es necesaria la adquisición de grúas ECL, diseño e instalación de un nuevo sistema de transporte de alúmina, mejoramiento del sistema de aire comprimido, entre otras adecuaciones tecnológicas. Para lograr estos avances, se estima que se requieran 120 millones de dólares. Finalmente, el presidente de CVG Alcasa, César Aguilar, exhortó a los trabajadores a escoger tres voceros por mesa técnico-productiva, para que se reúnan a fin de consolidar la información, que en los próximos días será presentada a los representantes del Ministerio del Poder Popular para las Industrias Básicas y Minería, Mibam, y así obtener los recursos necesarios para su ejecución. Prensa CVG Alcasa. |
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."
By Tim Wood 10 Oct 2008 at 03:36 PM
St. LOUIS (ResourceInvestor.com) -- The gold-oil ratio struck a double bottom this past July and turned a corner it has never looked back on. There is now a very firm technical line to be drawn under 6.45 barrels of oil per ounce of gold with that low being struck three times since 2005 - and bounced off every time.
There has never been a sharper reversal though as gold's has outpaced oil more rapidly than we've seen it at any time in the past 5 years. Indeed, the ratio has moved three standard deviations in 95 days with most of the change taking place since September 22, 2008.
Retail investors lack obvious and cheap entry to the gold-oil trade. However, quality gold equities are shouting value even as stockholders wiped out by recent liquidation trends may feel disinclined to put any more money into the sector. Remember that gold is going to buy not only a lot more oil, but also a lot more steel, rubber, copper, chemicals and trucks among the many inputs that have been inflating faster than revenue in recent years. We think there is a good prospect for a golden period of solid mining profits. Just pick them carefully because a shotgun investors will not beat snipers in this market.
|
| Lula or Chavez? Investors assess South Africa's Zuma | |
| By: Reuters Published: 7 Dec 07 - 12:24 | |
| Investors nervous over the possibility of a populist left-leaning president in South Africa are hoping Jacob Zuma will turn out like Brazil's Lula rather than Venezuela's Chavez. Zuma, a survivor of scandals that would have buried most politicians, is favourite to win party elections this month, largely because of grassroots support from trade unions and members of South Africa's poor black underclass. A win would put him on course to become president of Africa's biggest economy in 2009. But investors are not thrilled. His trade union and left-wing links make him suspect in many investors' eyes. They fear he will be pressured to up spending on social programmes and relax the fiscal discipline of the last decade. Some hope Zuma's track record of centrist voting and his attempts to reassure investors - most notably, during a recent private visit to the United States - are signs he may turn out more like Brazilian President Luiz Inacio Lula da Silva, who came to power on a leftist platform then proceeded with reforms that have made Brazil an emerging markets darling. "It is definitely a risk, the news that Zuma may be the next president. He is not a market-friendly candidate, his reputation is worse than Lula's ever was," said Maarten-Jan Bakkum, portfolio strategist at ABN AMRO Asset Management, which runs almost $2-billion in emerging markets investments. "But on the plus side, institutions are very strong in South Africa, there is a solid policy direction and we don't see that one man can completely change that," he added. Bakkum has put his money where his mouth is - he has gone long South African stocks, noting valuations 12 times forward price-to-earnings versus about 14 for emerging markets overall. "South African companies are among the best-managed in emerging markets. The government has done a good job and we want to see a continuation of the policies of past years," he said. CHAVEZ?There is of course the chance of another Hugo Chavez, seen by many as wasting Venezuela's oil bonanza on nationalising swathes of the economy and on lavish social spending. Ratings agency Moody's, however, is not too worried. "Zuma has never taken a different position on economic policy than that which was generally agreed by consensus among policy makers," said Moody's Vice President Kristin Lindow. "Investors at this stage are not particularly alarmed as Zuma has been doing his best to reassure them." Since the dismantling of apartheid in 1994, South Africa has been held up as a beacon of multi-racial democracy. Poverty, unemployment and disease are rife but there is also a growing middle class, driving economic growth of 5 percent a year. Investors have been pumping cash into South African bonds and stocks with flows year-to-date at over $13-billion. The stock market is just off record highs hit earlier this year. But now, uncertainty over future policy is coinciding with double-digit interest rates and a slowing economy. Data from fund consultancy EPFR Global shows funds have steadily reduced weighting to South Africa since January 2006. "We are extremely underweight South Africa. Stocks there are relatively cheap and from a bottom-up point of view, they look interesting. But you have not seen the full impact of the rate rises and you have the politics on top," said Oliver Bell, senior investment manager at Swiss fund Pictet. The South African Treasury's conservative fiscal stance, beloved of rating agencies, has drawn fire from local left wingers and trade unions. Zuma may have no choice but to oblige with more social spending and some fear, even nationalisations. "From an investor point of view Zuma is a complete unknown. The biggest worry is what favours he is having to pull in from the trade unions to get elected," Bell said. "He may say he will not change policy but I'm quite happy to be underweight the market and wait and see as it all unfolds." SPENDING NEEDED?But many argue South Africa can tolerate some fiscal loosening. This may even be desirable, especially if spending is directed to education and infrastructure - the main constraints the economy is bumping against as it tries to ramp up growth. Unemployment is over 25 percent, blamed mainly on a skills shortage while more healthcare spending may help tackle an AIDS epidemic - factors that are inhibiting direct foreign investment. But there is not much public debt. "Zuma has talked of loosening fiscal policy and spending more on schools and hospitals. Markets would be hard-pressed to say that's not essential," said Kieran Curtis, fund manager at Morley Asset Management with $1 billion in emerging markets. "They have worked hard with counter-cyclical monetary and fiscal policy so they should be able to loosen both if growth slows. And if Zuma wants to spend more there is plenty of room. "The Lula scenario is what people are hoping for," he said. | |
Copyright© Creamer Media (Pty) Ltd. All rights reserved. | Tel: +27(0)11 622 3744 | Fax +27(0)11 622 9350 | newsdesk@engineeringnews.co.za http://www.engineeringnews.co.za |
(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.
| Industria pasará cuentas a euros y monedas asiáticas Según Chávez, EEUU está pagando con un papel que es "una burbuja" El presidente Hugo Chávez giró instrucciones a Petróleos de Venezuela para que convierta sus cuentas de inversión de dólares a euros y monedas asiáticas a fin de reducir el riesgo. La decisión podría contribuir a debilitar el dólar ahora que la Reserva Federal de Estados Unidos está preparándose para bajar las tasas de interés esta semana, señaló a Bloomberg Philip Wee, economista de DBS Bank en Singapur. La moneda ha caído contra 14 de las 16 monedas más activas en el último año, en parte porque los gobiernos indicaron que podrían diversificar sus participaciones más allá de Estados Unidos, el principal destino de las reservas del mundo. Venezuela transfirió algunas de sus reservas a euros el año pasado, junto con otros productores de crudo como los Emiratos Árabes Unidos, Kuwait y Qatar. La autoridad de inversiones de Qatar, que maneja 50 millardos de dólares, señaló el 4 de septiembre que buscaba opciones en Asia para contrarrestar el debilitamiento del dólar. China está creando un fondo para buscar mayores rendimientos por sus participaciones, que suman 1,4 billones de dólares "Los bancos centrales cambiarán más dólares a otras monedas'', manifestó Wee, economista de DBS. Reemplazo Por otra parte, el ex presidente de la Reserva Federal Alan Greenspan señaló que el euro podría reemplazar al dólar como la principal moneda de reserva mundial. Agregó que el dólar ya no tiene una gran ventaja sobre el euro. "El Banco Central Europeo se ha convertido en una fuerza económica que merecía ser tomada seriamente". |