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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (45104)	1/24/2006 1:49:30 PM
From: shades	Respond to of 116555

Maybe those companies are lying like brex? hehe DJ Venezuela To Take Over Some Gold, Diamond Mines: Minister . CARACAS (Dow Jones)--Venezuela's mining minister said Tuesday that some companies that control top gold and diamond mines in the country fail to exploit them and so the government will take them over. "There are areas that have been (practically) kidnapped," by foreign companies, Mining Minister Victor Alvarez said at a mining conference in Caracas. Some "companies hold the best gold and diamond areas of the country and only speculate" with these holdings, he said. Those areas will be taken back by the government so other companies can exploit them better, said Alvarez. Some mining areas will be given to small-scale operators and others will be kept so the government can develop them on its own, he said. These speculating companies "claim they have concessions in Venezuela, others in South Africa and others in Angola," but they do nothing and local miners go hungry, the minister said. Alvarez didn't say which companies fail to produce or how many deals will be rescinded. Venezuela has launched a wholesale review of all mining concessions and has vowed not to issue new ones. Alvarez has said the review is almost finished and the oldest deals found to be idle will be dealt with first. Mining companies have been expecting a final announcement for months, but Alvarez declined to say how soon the government will make its decision. Venezuelan President Hugo Chavez has been following a nationalist policy in regard to the mining and oil industries, with the goal of reducing the country's dependence on foreign interests. -By Raul Gallegos, Dow Jone Newswires; 58-212-564-1339; raul.gallegos@dowjones.com