LATIN AMERICA — Bethlehem looks to Venezuela

Dundee International and CMP Resources recently reached an agreement to form a joint venture for the exploration, development and operation of mining projects in Venezuela.

In concert with the joint venture agreement, Bethlehem Resources (TSE) was granted the right to participate as to 10% in any project acquired by the companies, while Dundee has a back-in right for up to a 50% interest in any project.

According to the agreement, Dundee will also have the right to finance or arrange financing for any of the projects.

To back-in for a 50% interest, Dundee would have to pay CMP and Bethlehem 50% of their respective costs, bringing the joint venture to a 50 – 45-5 split.