Gold mining company gets £10m investment
Brought to you by Emerging Earth, introducing the next generation of overseas property investment.
Gold mining company Rusoro Group, which has operations in Venezuela, is set to receive a $20 million (£10 million) investment from Peter Hambro Mining (PHM).
The company, which has gold mines in the Bolivar state in southern Venezuela, will receive the investment from the Russian gold mining company as part of a bigger loan of $80 million.
Commenting on the move, Andre Agapov, chief executive officer of Rusoro, said: "We are delighted to welcome PHM's strategic investment as we implement our strategy to become a major gold producer in Venezuela."
Rusoro's acquisition of the Choco 10 mine is helping the company to increase its production of gold. In the third quarter of 2007 the company announced that the mine saw a 176 per cent increase in gold production.
Earlier this year, the Venezuelan mines minister Rodolfo Sanz held meetings with the gold producer regarding the company's intentions to develop and expand gold production in the El Callao and El Dorado districts of Bolivar State.
Related News Article