Venezuela President Nicolas Maduro gestures during a meeting with mining companies earlier this month, when eight deals were signed to open 112 km2 of the state of Amazonas to mining. Gold Reserve, of Canada, settled its government dispute in a $5-billion deal that is expected to generate revenue of $14-billion for the government and Faox Corporation clinched a $330-million coltan mining deal that is expected to generate revenue of $10-million for the government under contracts guaranteeing the State 55% of all profits on top of taxes and royalties. Memorandums of understanding were also signed with Energold, of Canada, Supercal, of Argentina, and Guaniamo, of North America. In the first quarter, Venezuela sold gold reserves worth $1.7-billion to repay debts, as it grapples with an economic crisis that has left it struggling to feed its population. The International Monetary Fund forecasts that the oil-rich country’s economy will shrink 8% this year and 4.5% in 2017. Inflation is forecast to exceed 1 642% next year, fuelled by the printing of money to fund a fiscal deficit estimated at 17% of gross domestic product.