Chinese and Venezuelan officials signed an agreement to jointly develop one of the world's largest gold mines.

The agreement on Las Cristinas gold mine was signed Friday by officials of the Venezuelan government and the state-run China International Trust & Investment Corp., or Citic Group.

President Hugo Chavez called the mine in southern Bolivar state, estimated to hold about 17 million ounces of gold, "one of the biggest reservoirs of gold that exists—not only in Venezuela, not only in Latin America, but in the world."

Officials didn't discuss financial details of the agreement but said it specifies engineering, construction and processing of both gold and copper. Mr. Chavez said officials also signed an agreement to produce a map of mineral deposits in the South American country.

Mr. Chavez, who announced the deals after a meeting with Chinese officials at the presidential palace, said they also agreed to deepen cooperation in Venezuela's oil industry.

Ties between the two countries have grown rapidly in recent years, and China has become Venezuela's biggest creditor—offering the Chavez government more than $36 billion in loans, which are being paid off largely with increasing oil shipments.

Related News in Chinese:
委内瑞拉将与中国中信合作开发金矿

Please contact us in case of Copyright Infringement of the photo sourced from the internet, we will remove it within 24 hours.