Venezuela’s President Hugo Chavez is seeking for loans to develop the diamond and gold mining sectors. The repayment of the loans will be partially paid with the minerals produced from these mines.However the president did not specify the amount needed.
Because of the policy of nationalization of the mining and oil industry of Venezuela, investors will be expected to go in for joint ventures where the government will hold the major part. Chavez also said that it will not renew private mining concessions after their expiration, so as to enable smooth transition of the sector to nationalized joint ventures and operational contracts.
According to Idex Online Chavez said”
Russian business executives and officials have visited Venezuela to discuss diamond and gold mining.