Venezuela
mulls taking over mines
Petroleumworld
CARACAS
Petroleumworld.com 01 25 06
Venezuela's Mining Minister Victor Alvarez said Tuesday that the
government is ready to take over top gold and diamond mines from
foreign companies that have failed to exploit them, Alvarez accused
foreign companies of using their mining holdings merely to speculate
on the market.
"There
are areas that have been kidnapped" by foreign companies,
Alvarez said at a mining conference in Caracas.
The
mines areas will be taken back by the government so other companies,
the goverment companies or small-scale operators can exploit them
better, the minister added.
Venezuela's
president Hugo Chavez has in review of all mining concessions,
vowing to issue no new contracts until the review is completed.
Foreign
companies with interest in venezuela's mining are top world mining
companies including Canadian firms Crystallex International Corp.,
Bolivar Gold Corp. and Cadre Resources Ltd., U.S.-based Hecla
Mining Co. and Gold Reserve Inc.
Petroleumworld
01/24/06
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