Venezuela: Private Miners Not Excluded from Gold

Source:

". . .a joint venture between Venezuela and a Russian-financed company would exploit the country's gold resources."

Venezuela's mining minister says the state is not ruling out the participation of private companies in its gold and diamond mines. Rodolfo Sanz says Venezuela will take control of its "strategic minerals," but private companies could also have a stake.

President Hugo Chavez said earlier this month that a joint venture between Venezuela and a Russian-financed company would exploit the country's gold resources.

He said the company formed last year would develop Las Cristinas, Venezuela's largest gold mine. Toronto-based Crystallex International Corp. said it had not been informed of any changes to its exclusive rights to the mine.

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