Posted in | News | Gold

Venezuela Makes Grab for Gold

By Joel ScanlonSep 20 2011

President Hugo Chavez has decided that Venezuela will ban the export of gold from the nation as part of the nationalization campaign which he began last month. The statement from the government published in the Official Gazette confirmed this stand.

The government guidelines that were published said that all gold that is obtained through mining activity within national territory will be handed over to the Bolivarian Republic of Venezuela. This was accompanied by a decree that gave mining firms 90 days to form joint ventures for gold mining in which the Venezuelan government held 55% stake.

The nationalization plan was first announced on August 17 this year. The president is currently in Cuba and is under treatment for an undisclosed form of cancer. He approved new funding worth $130 million for the country’s state owned mining company Corporacion Venezolana de Guayana on September 17.

The Chavez also made a statement on the same day saying that it was clear that the mining industry was not producing any dividends for the state at the moment. The stament was made in light of the fact that workers had been participating in strikes due to not being paid salaries and overtime.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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