Thursday, February 24, 2011

Venezuela, Cuba set up mining joint venture

Venezuela, Cuba set up mining joint venture

Venezuela and Cuba set up a mining joint venture company that will
function within the ALBA trade and integration agreement, according to a
decree published Wednesday by Venezuela's Gaceta Oficial.

Mineralba is 50.5-percent owned by Venezuelan state company CVG Compañía
General de Minería de Venezuela; 49.5 of the shares are held by
Geominera SA, a subsidiary of the Cuban Basic Industries Ministry.
Mineralba, based in Puerto Ordaz, Venezuela, will provide ALBA member
nations with exploration, geological research, production, processing
and distribution of minerals.

Venezuela and Cuba aside, ALBA includes Bolivia, Nicaragua, Ecuador, St.
Vincent and Grenadines, Antigua & Barbuda, and Dominica.

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