Venezuela to nationalise gold mining, shift reserves

Venezuelan President Hugo Chavez said that his government would nationalise the exploration and exploitation of gold and related activities, AVN said on August 17.

Chavez said: "I will soon propose an enabling law so as to begin taking control of the gold area and I expect you to support me, because anarchy rules in this zone, there are mafias, smuggling.

"This is a great wealth, one of the world’s largest. There is plenty of gold, precious stones, diamonds, bauxite and iron in Guyana.

"I have here the laws that allow the state taking control of the exploration, exploitation of gold and all related activities, that is to say we are going to nationalize the gold and we will transform them into international reserves, because it [gold] continues to increase its value."

Press TV reported on August 19 that, as part of the plan, the Central Bank of Venezuela (BCV) and finance ministry would gradually shift the country's gold reserves, valued at US$11 billion dollars, out of US, Canada, and Europe. The reserves would be shifted to the BCV

Press TV said up to $6.3 billion in liquid reserves will also be transferred to banks in China, Russia and Brazil.

If you like our work, become a supporter

Green Left is a vital social-change project and aims to make all content available online, without paywalls. With no corporate sponsors or advertising, we rely on support and donations from readers like you.

For just $5 per month get the Green Left digital edition in your inbox each week. For $10 per month get the above and the print edition delivered to your door. You can also add a donation to your support by choosing the solidarity option of $20 per month.

Freecall now on 1800 634 206 or follow the support link below to make a secure supporter payment or donation online.