Active Mixed AidData Chinese Aid

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

$691K USD

Funder	Bank of China (BOC)
Recipient Organization	Pétroleos de Venezuela S.A. (PDVSA)
Country	Venezuela
Start Date	Jul 01, 2014
End Date	Nov 24, 2029
Duration	5,625 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38293`

Grant Description

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

📚 Sources & References

Banco de Desarrollo de China cooperará con minería en Venezuela
China to provide Venezuela loan for mineral survey
CITIC Group Chairman Chang Zhenming Signed Memorandum of Understanding on financing in the presence of heads of state of China and Venezuela
VENEZUELA
CHINA AGREE TO DEVELOP GOLD MINE, 2014-2016年海外黄金矿业开发保持旺盛势头
Gobierno acuerda explotación minera en Las Cristinas con apoyo de China
Venezuela said seeking Chinese help due to drop in cash reserves
Las Cristinas
China compromete otros 5.691 millones de dólares para Venezuela; VENEZUELA CHINA
Venezuela will work with China to develop 'mining map'
CONVENIO GRUPO CITIC -1 (1) Con Venezuela Exploracion 2011
中行贷款６．９１亿美元支持委内瑞拉地质调查项目
BOC Supports Venezuelan Geological Survey Projects with Loans of US$ 691 Million
Venezuela y China firman 38 nuevos acuerdos de cooperación
Govt signs agreement with Citic Group for Las Cristinas development
Crystallex v. Venezuela
China approves US$5.7bn in loans to Venezuela
王炯副董事长兼总经理成功访问委内瑞拉
China proporcionará a Venezuela crédito para investigación de recursos minerales
中行贷款6.91亿美元支持委内瑞拉地质调查项目【新华社】
中国银行6.91亿美元支持委内瑞拉地质调查项目
China signs 12 deals with Venezuela Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.