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Caribbean-Latin America

Venezuela takes over gold mine

2008-11-06

Venezuela's government has decided to put Las Cristinas gold mine, operated by Crystallex International Corp. under state control. "This mine will be recovered and will be operated under state administration,'' the Mining and Basic Industries Ministry said on Wednesday in a statement.

Hugo is getting desperate for cash?

Las Cristinas gold mine is estimated to have about 31 million ounces of gold ore and valued at about $35 billion. Las Cristinas is owned by the government but under a contract, it is operated by Toronto based Crystallex. It is located in a huge forest reserve in southeastern Venezuela.

The company said it had not been informed of any change to its status in Venezuela.

The Venezuelan government has nationalized industries that President Hugo Chavez has deemed to be ``strategic.''

Mining Minister Rodolfo Sanz said in the statement that the government plans to seize other mining deposits to increase production of gold, diamonds, bauxite and uranium.

Posted by:Fred

#10 Well he lost 300 mil at Lehman Bros. and gas prices are down so where else is he going to get the money for all those military toys that he wants to buy.

Posted by: Chief 2008-11-06 21:40

#9 Glenmore, I have a really neat holster that clips INSIDE my belt, nothing to see.

Posted by: Redneck Jim 2008-11-06 13:07

#8 In five years, a shortage of dirt.

Posted by: mojo 2008-11-06 12:42

#7 31 million ounces of gold ore aint that much of a mineable reserve, either.

Posted by: Grunter 2008-11-06 12:35

#6 isnt that one of those latin american "conquistadore" things

Posted by: Angoger Black9540 2008-11-06 10:54

#5 Shot his own dick, didn't he?

That's why you should invest in a holster rather than jamming your pistol in your waistband.

Posted by: Glenmore 2008-11-06 10:50

#4 looks like he's scramblin

Posted by: Angoger Black9540 2008-11-06 10:28

#3 Gold in the ground, and gold in the bank are two entirely different things.

Shot his own dick, didn't he?

Posted by: Redneck Jim 2008-11-06 10:23

#2 Hugo has to replenish his cash reserve to make up for his contribution to Obamarx.

Posted by: Spike Uniter 2008-11-06 04:17

#1 If they dig gold the way the make concrete they're in big trouble.

Posted by: bigjim-ky 2008-11-06 00:39

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