Venezuela Seeking Russian JV Over Diamond Mining

According to a Venezuelan minister, Venezuela is interested in forming joint venture companies with Russia to cooperate on a range of activities, including diamond and gold mining.

Russian officials and business executives are in Caracas for a series of meetings aimed at increasing trade between the countries. According to Jose Khan, Venezuela's basic industries and mining minister, the two countries plan to form joint ventures to build cargo trucks, manufacture pipes, kitchen utensils and milk-packaging machines, in addition to mining diamonds and gold, reports AP.

Other areas of cooperation include oil drilling and planed railway projects.

The Venezuelan government recently signed agreements to buy military hardware from Russia, a major aspect of trade between the two countries.

Russian diamond monopoly Alrosa is seeking to diversify its activities, searching for projects outside the Russia. It has a share in an Angolan diamond mine and wants to add more international diamond mining activities.