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News Link • Precious Metals

Chavez May Take Over Venezuela Gold Mining

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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.


1 Comments in Response to

Comment by Ed Price
Entered on:

So, why hasn't Chavez done this already? Why hasn't he taken over everything? Why haven't the "rulers" in the United States taken over everything by now? Why?

Because they can't!!!

You can mess with the minds of all of the people a little. But there are always those who are awake enough that you can't mess with them all the time.

Politicians are somewhat clever... but not very. Their own law enforcement sees through them. Just look at most of the police force in Quartzsite!

It's time for all of us to wake up all the way and show Government that we are tired of them messing with us.

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