June
29, 2004
Minerven to export gold to Switzerland
(BNamericas.com) - "Venezuelan state
gold company CVG-Minerven has signed a commercial
agreement to sell gold to Swiss company MKS Finance
as part of its strategy to penetrate new markets,
a Minerven official told BNamericas.
'Funds raised through the sale [of gold to MKS
Finance] will be destined to acquire supplies
and equipment and also to cover any needs that
may come up,' he said.
According to the agreement, the time and quantity
of the gold sales are to be determined by Minerven
'based on pre-established considerations.' The
first sale to MKS Finance scheduled to take place
in August 2004 will also be the first export realized
by the state, given that until now its only client
has been Venezuela's central bank, to which it
sells all of its production.
The sale will initially be comprised of refined
gold ingots weighing no more than 8kg.
MKS Finance is a world leader in the commercialisation
of precious metals, selling to wholesalers and
jewelry manufacturers in India and the Far and
Middle East. It is a member of the London Bullion
Market Association and also services banks, financial
institutions and investment funds".
