Venezuela to nationalize gold minesHugo Chavez: Venezuela will nationalize gold mines and mining; affects Russian, Canadian firms
CARACAS, Venezuela - Venezuelan President Hugo Chavez has announced he will nationalize the country's gold mines and gold extraction industries.
Chavez said Wednesday that Venezuela will deposit some of that gold into its international reserves.
The Russian company Rusoro Mining Ltd. controls one of Venezuela's most important gold mines in the country's southeast. In February, the government cancelled the gold mining concession of a Canadian company.
Chavez made the announcement Wednesday during a telephone call broadcast during a military ceremony. He said he will soon issue a decree carrying out the nationalization.