Thursday, August 18, 2011

Chvez wants to nationalize the gold industry

Venezuelan President Hugo Chavez said yesterday he thinks nationalize the gold industry, including extraction and processing, and use this production to boost the country's international reserves. The movement is a result of the confrontation between his government and foreign mining companies operating in the country, which complain that the rules limiting the amount of gold that can be exported weighing down its efforts to develop local projects and create jobs.

Chavez announced yesterday that the decree to nationalize the industry will be ready in the coming days and called on the military to control the sector. "I have here the laws that allow the State to exploit the gold and all activities related to it ... Let's nationalize the gold and we will transform it, together with other elements in international reserves, because their value continues to grow," said Venezuelan President yesterday in a telephone call broadcast on television.

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