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http://www.smh.com.au/world/chavez-nationalises-gold-20110824-1jabn.html

Chavez nationalises gold 
Venezuela 
August 25, 2011 
 
Hugo Chavez. Photo: AFP

CARACAS. Venezuelan President Hugo Chavez has signed into law the official 
nationalisation of the country's gold mining industry.

He signed the ''natural law that reserves the exploration and management of 
gold, as well as the connected activities, to the state'' at a ministerial 
meeting broadcast by state media.

During the ceremony, Mr Chavez brandished gold bullion from the Central Bank of 
Venezuela's coffers, which holds 154 tonnes of gold, an amount worth $US7.2 
billion ($A6.88 billion).

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Last week, he announced his intention to nationalise the country's gold sector 
in order to stop ''mafias'' exploiting Venezuela's natural resources. Illegal 
mining makes up 60 per cent of local production in the gold sector.


Read more: 
http://www.smh.com.au/world/chavez-nationalises-gold-20110824-1jabn.html#ixzz1W24oa7x1


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