Venezuela to seize gold concessions as oil falls, Chavez says

At least Chavez doesn’t use the pretense of ‘bailing out’ the gold mines. — PID

Dec 28, 2008 — (CANADIAN PRESS) /Snip/ Venezuela relies on oil for 94 per cent of exports and roughly half its federal budget, making it unlikely that its largely undeveloped gold reserves could compete.

But Chavez said Venezuela must “increase the country’s income through non-oil exports,” including its world-famous cacao and products from recently nationalized steel and cement companies. Full Report

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