Venezuela Inaugurates First Gold Processing Complex

SEATTLE (Scrap Monster): The Venezuelan government has announced the launch of its first gold processing complex in Matanzas, Bolivar State this Wednesday. The launch is part of country’s desperate efforts to counter sanctions imposed by several countries including the U.S.

The Manuel Carlos Piar gold extraction and processing complex transforms ore into gold bars. It employs nearly 150 workers. The facility will initially process 20 kilograms of gold ore per month. Upon full completion, the plant will have capacity to process 200 kilograms of ore, thereby making it the fifth largest such facility in the entire Latin American region.

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Although Venezuela has the world’s second largest gold reserves with nearly 32 certified gold fields, it lacks domestic processing facilities and depends on foreign countries to process the material. The setting up of domestic gold processing complex would save huge amounts of money, which the government plans to allocate to social spending for the welfare of its citizens.

The project, initially launched in 2016, is expected to provide big boost to gold mining and extraction projects in the eastern part of the country.