Venezuela has signed over $5.5 billion in mining deals with companies including Canada’s Barrick Gold Corp <ABX.TO> and China’s Shandong Gold, President Nicolas Maduro said on Friday.
Barrick, the world’s largest gold producer, said in a statement that “at the invitation of the government, we intend to review information pertaining to mining opportunities in the country.”
A spokesman for the Toronto-based company did not respond to questions about spending or development plans in the country.
“Today we are signing investments and letters of commitment for projects for over $5.5 billion,” said Maduro in a televised meeting with foreign mining executives.
The deals are part of a plan to ease the OPEC nation’s grave economic crisis that has caused food shortages and supermarket riots.
Earlier this month, Maduro said Venezuela had struck $4.5 billion in mining deals with foreign and domestic companies. He also said that he expected $20 billion in mining investment contracts to be signed in coming days.
It was unclear if the $5.5 billion were part of the broader $20 billion investments.