Venezuela reconsidering Imataca mining ban

Venezuela appears to have reopened the door to mining on its mineral-rich Imataca Reserve, according to two Canadian mining companies, who said Tuesday the government is reconsidering the denial of their mining permits. Shares of Crystallex International shot up by two-thirds on optimism it may get the green light for its long-delayed Las Cristinas gold project, while Gold Reserve , which wants to develop the nearby Brisas copper and gold deposit, jumped by 35 percent. In separate statements, the companies said they had met with the country's environment ministry and been told the government had instructed the ministry to discuss modifications that would allow the permits to be issued. Crystallex also said it had received minutes of a committee meeting of the country's National Assembly, which showed representatives of the Ministry of Mines confirming support for Crystallex.