Placer, CVG mothball Las Cristinas

Placer Dome (PDG-T) and partner Corporacion Venezolana de Guayana have halted construction of the Las Cristinas gold mine in Venezuela as a result of dismal gold markets.

The site will be put on care and maintenance. Spending there will be kept to a minimum, with provisions for communities in the vicinity of the operation.

The suspension defers construction costs of about US$500 million. The companies were to have produced 530,000 oz. per year at the mine.

Placer Dome says that it remains confident in the project, and intends to resume construction when gold prices improve.