This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Venezuela Mulls Gold Mining Nationalization

CHRISTOPHER TOOTHAKER

CARACAS, Venezuela (AP) â¿¿ President Hugo Chavez threatened on Sunday to nationalize gold mining concessions in Venezuela, accusing mining companies of damaging the environment and violating workers' rights.

The socialist leader called the holders of gold mining concessions "crazy people" driven by capitalist greed who don't care about laying waste to Venezuela's pristine jungles while exploiting employees.

"We cannot allow national and transnational mafias to continue destroying our homeland," he said during his weekly television and radio program, "Hello President."

Chavez, who has nationalized businesses in the steel, telecommunications, electricity, cement and oil sectors, suggested gold mining concessions could be revoked and seized by the state.

Mining companies have previously denied violating environmental regulations.

Chavez's government has repeatedly clashed with international and national gold-mining companies in recent years over permits to operate in the South American country's southeastern regions, which are rich in gold and diamonds.

Private gold mining, meanwhile, has become increasingly uncertain as Chavez has vowed to assert greater state control over Venezuela's mineral resources to supplement the nation's income from the dominant oil industry.

Last year, the government seized control of a gold mine operated by U.S. mining company Gold Reserve Inc. The project was part of the Washington-based company's larger Brisas mine, which holds an estimated 10.2 million ounces of gold.

In 2008, Crystallex International Corp. of Toronto said the Environment Ministry had denied it a permit for its Las Cristinas gold mine. The company estimates Las Cristinas â¿¿ in the Imataca Forest â¿¿ holds about 17 million ounces of gold.

Chavez also criticized illegal wildcat miners Sunday, saying they, too, wreak havoc on the environment. The independent miners use mercury to separate gold from rocks and often dump leftover mercury into rivers. They also use huge hoses to break soil away from the roots of trees, which are overturned as a result.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GRZ $2.91 0.00%
AAPL $129.36 0.21%
FB $79.60 -0.19%
GOOG $573.64 0.40%
TSLA $199.56 1.13%

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs