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Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: ACAN who wrote (11964)	9/21/2005 8:51:18 AM
From: Galirayo	Read Replies (1) \| Respond to of 23958

That Dictator is definitely one of those Bi-Polar Dudes. A post for Posterity. AP Venezuela's Chavez Urges Socialist Push Tuesday September 20, 6:51 pm ET By Patricia Rondon Espin, Associated Press Writer Venezuela's Chavez Urges Foreign Investors to Pay Taxes and Follow Rules, or Leave CARACAS, Venezuela (AP) -- Venezuelan leader Hugo Chavez urged foreign oil firms and other companies Tuesday to pay their taxes and follow the government's rules, saying those that don't should leave. In a speech that ranged from mining rights to a state seizure of one company's grain silos, Chavez said the country should turn resolutely away from capitalism and toward socialism. "An oil or gas company, or whatever sort... that doesn't like what is happening here, that doesn't way to pay taxes, that doesn't want to answer for environmental damages, let them pick up their things and go far away," Chavez said. "Let them leave." Chavez made the remarks during a speech in the eastern city of Puerto Ordaz. His government has accused some foreign oil firms of evading taxes and has said they must pay up. The Venezuelan president said his government "isn't against international investment," but said he opposes investments in which there is "an intent to take ownership of our natural resources." He spoke in general terms but then went into a specific case, appearing to cast doubt on Toronto-based Crystallex International Corp.'s plans to develop a major gold mine, saying it would be exploited by a state mining firm. "Las Cristinas belongs to Venezuela. We will build a national mining company there," he said, without elaborating. Crystallex has plans to spend US $265 million (euro218 million) on the project. Chavez, an ally of Cuban President Fidel Castro, says he is leading Venezuela away from capitalism and toward a new "socialism of the 21st century." He said that will involve increasing the use of cooperatives and emphasizing "collective property." Chavez also praised state governments for recently seizing an abandoned tomato processing plant owned by H.J. Heinz Co. and grain silos owned by Alimentos Polar, the country's largest food company. Officials have said they will move to expropriate the two properties, arguing they weren't being adequately used. In Polar's case, Chavez said, "they bought the plant and stripped it down, and they took the equipment to another country. And they abandoned it." Troops seized the Polar silos earlier this month. Polar -- which makes Polar beer and many food products -- is challenging the move, saying the corn silos were still in use. But Chavez said the company dismantled a plant next to them that was used to make corn flour. Venezuelan authorities during the past year have taken control of 26 silos that were judged to be abandoned, Food Minister Rafael Oropeza said, according to the state-run ABN news agency. Chavez said workers in state-supported cooperatives should "dedicate at least one afternoon a week to ideological debate." "The most important thing isn't to earn money. The most important thing to contribute... to the transformation of the country's socio-economic process," Chavez said. Meanwhile, Vice President Jose Vicente Rangel said the government plans to redistribute as much as 2 million hectares (4.9 million acres) through agrarian reforms. Rangel denied the plan threatens private property, saying more Venezuelans would own property as a result. "We are expanding private property," Rangel told the state news agency. Chavez Says Gold Mine Belongs to Venezuela Tuesday September 20, 5:18 pm ET President Chavez Says Gold Mine Belongs to Venezuela, Despite Canadian Investment CARACAS, Venezuela (AP) -- President Hugo Chavez appeared to cast doubt Tuesday on a Canadian company's plans to develop a major gold mine in eastern Venezuela, saying it belonged to the state. The Toronto-based company Crystallex International Corp. has said it will spend $265 million (euro217 million) building the Las Cristinas gold mine and a processing plant. ADVERTISEMENT Chavez said in a televised speech Tuesday that the mine will be exploited through a new state company. "Las Cristinas belongs to Venezuela. We will build a national mining company there," he said. It wasn't immediately clear how the president's position would affect the plans of Crystallex. Crystallex shares dived 48 percent on the Toronto bourse after Chavez's announcement, falling C$1.51 ($1.29, euro1.06) to C$1.65 ($1.41, euro1.16) before trading was suspended ahead of an expected company announcement. Last week a spokesman for Crystallex -- which has already signed an operating agreement to exploit the mine -- said the company hoped to obtain environmental permits to move ahead with the project.