Hecla Mining Concession May Be Revoked in Venezuela, Sanz Says

Hecla Mining Co., operator of Venezuela's Isidora gold mine, may have its concession in the country revoked following a government review. Rodolfo Sanz, minister of basic industries and mining, hasn't ruled out rescinding the Coeur D'Alene, Idaho-based company's concession, according to an undated statement posted this week on the ministry's Web site. The ministry wants work to resume at the Isidora mine, where a labor action has halted operations for more than a month. CVG Minerven, the state gold-mining company, could then begin a six- month review of the concession, according to the statement. ``We are complying with the instructions of the president of the Bolivarian Republic of Venezuela, Hugo Chavez Frias, to resolve the mining conflict and to allow a reorganization of the sector,'' Sanz said in the statement. The government is also ``working to demand the rights of the Venezuelan state to exercise control over the exploitation of the operating contracts.''