Environment Minister Yuviri Ortega said Venezuela will not give permits for any open-pit mines and will not allow companies to look for gold in its vast Imataca Forest Reserve. Ortega also said that the government was revising all of its mining and timber concessions. The moves follow steps taken by Venezuela in late April to stop the mining operations of several international companies at other sites in the country, including the massive gold deposit at the Las Cristinas site. The shares of affected companies fell dramatically on the news. Separately, workers last week halted operations at Venezuela's Isodora gold mine, demanding that it be nationalized. Last year, President Hugo Chavez launched a nationalization drive, starting with Venezuela's oil industry. The Venezuelan government has since targeted other key sectors of the economy, including electricity, telecom, cement and steel companies. Chavez now appears to be turning his attention to international mining and other natural resource interests.
Monday, May 26, 2008
Venezuela threatens further steps against existing mining and logging interests held by international companies
Venezuela announced last week that it would put an end to new gold projects in the country and threatened further steps against existing mining and logging interests held by international companies. 
Environment Minister Yuviri Ortega said Venezuela will not give permits for any open-pit mines and will not allow companies to look for gold in its vast Imataca Forest Reserve. Ortega also said that the government was revising all of its mining and timber concessions. The moves follow steps taken by Venezuela in late April to stop the mining operations of several international companies at other sites in the country, including the massive gold deposit at the Las Cristinas site. The shares of affected companies fell dramatically on the news. Separately, workers last week halted operations at Venezuela's Isodora gold mine, demanding that it be nationalized. Last year, President Hugo Chavez launched a nationalization drive, starting with Venezuela's oil industry. The Venezuelan government has since targeted other key sectors of the economy, including electricity, telecom, cement and steel companies. Chavez now appears to be turning his attention to international mining and other natural resource interests.
Environment Minister Yuviri Ortega said Venezuela will not give permits for any open-pit mines and will not allow companies to look for gold in its vast Imataca Forest Reserve. Ortega also said that the government was revising all of its mining and timber concessions. The moves follow steps taken by Venezuela in late April to stop the mining operations of several international companies at other sites in the country, including the massive gold deposit at the Las Cristinas site. The shares of affected companies fell dramatically on the news. Separately, workers last week halted operations at Venezuela's Isodora gold mine, demanding that it be nationalized. Last year, President Hugo Chavez launched a nationalization drive, starting with Venezuela's oil industry. The Venezuelan government has since targeted other key sectors of the economy, including electricity, telecom, cement and steel companies. Chavez now appears to be turning his attention to international mining and other natural resource interests.
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