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CDB Loans $700 million to National Geological Survey and Las Cristinas Mine in Venezuela (Linked to Record ID#38293)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | CITIC Construction Co., Ltd. |Pétroleos de Venezuela S.A. (PDVSA) |
| Country | Venezuela |
| Start Date | Sep 22, 2013 |
| End Date | Sep 14, 2032 |
| Duration | 6,932 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 58610 |
Grant Description
CDB Loans $700 million to National Geological Survey and Las Cristinas Mine in Venezuela On September 22, 2013, the China Development Bank signed a memorandum of understanding for financing $700 million for the National Geological Survey Project and the Copper and Gold Mine Feasibility Study Project in Venezuela to PVDSA.
The agreement was also signed by CITIC Group and Petroleos de Venezuela S.A.(PDVSA).
The money will fund CITIC Group to conduct geological surveys and study the feasibility of developing gold and copper ores in the country. The referenced mine is the Las Cristinas gold mine in Bolivar, a southern province of Venezuela.
Staff Comments
This project is not to be confused with the $691 million loan from the Bank of China (#38293). The memorandums of understanding for these two projects seem to have been signed at the same time, however there is only present financing agreement information for the BOC project.
Sources & References
- Banco de Desarrollo de China cooperará con minería en Venezuela
- VENEZUELA
- CHINA AGREE TO DEVELOP GOLD MINE
- Venezuela said seeking Chinese help due to drop in cash reserves
- Venezuela will work with China to develop 'mining map'
- Las Cristinas
- Venezuela: PDVSA Confidential Memo Reveals $ 50 Billion Debt
- CITIC Group Chairman Chang Zhenming Signed Memorandum of Understanding on financing in the presence of heads of state of China and Venezuela, 2014-2016年海外黄金矿业开发保持旺盛势头
- Re- Query re- data on Chinese lending to Venezuela
- China’s Relations with Venezuela (1999-2016): A Radical Geopolitical Account
- Venezuela to develop Las Cristinas mine with China
- Mapa Interactivo de la Inversion China en Venezuela
- Poderoso banco chino abre oficina en Venezuela
- VENEZUELA Y CHINA EVALÚAN NUEVO CRÉDITO POR $4 MIL MILLONES PARA EQUIPAMIENTO PETROLERO 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.
All Grantees
CITIC Construction Co., Ltd. |Pétroleos de Venezuela S.A. (PDVSA)
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