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17

Venezuela To Create New Gold Mining Firm

Venezuela plans to revoke some gold and diamond concessions and create a new state mining company

Venezuela plans to revoke some gold and diamond concessions and create a new state mining company as part of a push to increase government control over the sector, President Hugo Chavez said, ResourceInvestor.com reported.

Chavez did not specify which mining projects would be taken over, but last week Basic Industries and Mines Minister Victor Alvarez said inactive mines could be handed over to small mining cooperatives supported by the government.

The government will no longer authorize new gold and diamond mining concessions, Alvarez said.