VHeadline Venezuela News reports: The Venezuelan government has created a National Iron & Steel Corporation and has reached a strategic agreement with Swiss Commodities & Minerals Enterprise (CME) Ltd to re-activate iron mining operations at the old Cerro Bolivar mine in southeastern Bolivar State.
President Hugo Chavez Frias, who made the announcement during a two-and-a-half-hour national TV/radio broadcast accompanied by CME CEO Tyron Cerrao, Basic Industries & Mines (Mibam) Minister Rodolfo Sanz and top government officials, explained how the new corporation will plan and control all activities in the iron mining sector from exploitation thru resource transformation.
After a contract-signing ceremony, President Chavez announced that a production goal for the first year of re-activation has been set at one million metric tonnes rising to three million metric tonnes in the second year of operations ... the entirety of the iron production (which is associated with other minerals -- mainly phosphorus -- will be in the hands of the recently created National Iron & Steel Corporation as part of the Venezuelan Guayana Corporation (CVG).
Commodities & Minerals Enterprise is to be sold to the Popular Republic of China as part of an agreement that will see the Venezuelan government invest around US$220 billion in the development of mining, agricultural, oil & gas, power generation, infrastructure and housing projects over the next four years.
- A report carried in today's edition of regional newspaper 'El Carabobeno' says that the government will generate necessary funds from the National Development Fund (Fonden) although no amounts were detailed.
"Some people are saying dumb things ... that they are going to sue us ... well, they can if they wish ... but if they do sue us, it'll be the worse for them" Chavez said, reminding Ternium that they are still negotiating payment. "They are voicing threats ... let them threaten ... we have lawful right and no international organization or influence will make us give up our will to breaking free ... it is Venezuelans who rule here."
Chavez accuses this international consortium of having looted Venezuela of US$-millions by "evading taxes and royalties numerous times."
Meanwhile, Chavez said he had given orders to deport some 30 Colombians being held by the authorities in Caracas on suspicion of involvement with paramilitaries. The Colombians were captured last week in a working-class neighborhood in the east of Caracas. First reports said the individuals were infiltrated paramilitaries, but Chavez clarified that they were found to be in Venezuela without proper identification and that their deportation was ordered after police investigators determined that they were not dangerous.
VHeadline Venezuela News
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