While the global mining world is speculating about what foreign investment opportunities mineral-rich Venezuela might present in the wake of Hugo Chávez's death, Vancouver's mining community is staying – mostly – quiet.
During Chávez's 14-year presidency, his nationalization efforts targeted everything from Venezuela's oil industry and mining to telecommunications.
For Canadian miners, Chávez is the man who seized Toronto-based Crystallex International Corp.'s Las Cristinas gold deposit in 2011.
But if Vancouver's mining community is watching Venezuela for new opportunities following Chávez's death, it's doing so off the record.
Vancouver-based Eldorado Gold Corp. (TSX:ELD), which has an iron ore mine in Venezuela-adjoining Brazil, among other international operations, has "no perspective on Venezuela," according to Nancy Woo, the company's vice-president of investor relations.
Vancouver-based South American Silver Corp.(TSX:SAC), which had its Malku Khota mine in Bolivia nationalized last year, similarly did not speculate about potential opportunities ahead in Venezuela.
"As we have not participated directly in any Venezuelan project, we do not feel that we are in a position to comment on the jurisdiction or on Hugo Chávez's death," said Robert Gill, the company's investor relations contact.
The Association for Mineral Exploration BCalso declined to comment on whether post-Chávez Venezuela might present opportunities for Vancouver's mineral explorers.
Toronto-based Crystallex, which is pursuing compensation from Venezuela for the nationalization of Las Cristinas, also declined to speculate on future opportunities in Venezuela.
Richard Marshall, the company's vice-president of investor relations, noted that Crystallex has filed an international arbitration claim against Venezuela for US$3.4 billion plus interest.
That claim is advancing through the International Centre for Settlement of Investment Disputes.
A final hearing on the claim is scheduled for November.
"The company has no additional comments until the matter has been resolved or an award rendered," Marshall told Business in Vancouver via email.
But Vancouver-based explorer Eagle Mountain Gold Corp. (TSX-V:Z), which has a gold project in Guyana, which is adjacent to Venezuela, admitted that it's watching Venezuela closely.
Eagle Mountain president and CEO, Ioannis Tsitos, whose 25-year mining career has taken him to an array of international jurisdictions, said Venezuela has "significant potential" for gold, silver and diamonds, deposits of high-quality coal and other commodities, including aluminum, bauxite, iron ore and industrial minerals.
"Throughout the spectrum of … commodities, Venezuela is very strong," he said.
Tsitos added that the country is one of the few unexplored frontiers left globally to Canadian miners – thanks to its politics under Chávez.
"The moment that we see a potential change in that kind of attitude, [I think it will be] one of the frontiers where a lot of Canadian companies would like to jump in and get titles and concessions and potentially explore for opportunities."
Tsitos added that, as Venezuela's political directions emerge, Eagle Mountain will watch the jurisdiction for opportunities.
"I will have my eyes open, and I've got contacts already in Venezuela."
