Chavez nacionalizara las minas de oro
Chavez Preparing Government Takeover of Venezuela’s Gold Mining Industry
By Corina Rodriguez Pons and Nathan Crooks - Aug 17, 2011 12:49 PM ET .
...Venezuelan President Hugo Chavez said he’s preparing a decree to give the government exclusive control over gold mining in the country to pare illegal operations and boost international reserves.
Chavez, speaking today on state television, said Venezuela can’t allow illegal miners to continue exploiting deposits rich in gold and coltan, an ore containing tantalum, which is used in mobile phones and video-game consoles.
“The area is run by the mafia,” said Chavez. “We’re going to nationalize gold. We can’t keep allowing them to take it away.”
Venezuela is facing international arbitration over nationalized gold assets from three companies including Crystallex International Corp. (KRY), a Canadian gold producer. Venezuela last year relaxed restrictions on gold exports to allow some private companies and joint ventures with the government to send as much as 50 percent of output abroad.
Venezuela currently has about $18 billion in gold reserves, and $11 billion held abroad could be transported back to Venezuela, opposition lawmaker Julio Montoya said on Aug. 16. Venezuela produces 11 metric tons of gold a year, and illegal miners extract an additional 10 to 11 tons a year, Chavez said in May.
-- With assistance from Daniel Cancel in Caracas. Editors: Jessica Brice, Robin Saponar
To contact the reporters on this story: Corina Rodriguez Pons in Caracas at
crpons@bloomberg.net; Nathan Crooks in Caracas at ncrooks@