Are you saying our "payday" (or at least the option) is on the near term horizon? (no pun intended using the word option(s):)

Yeah, I was wondering when your point would be made. It is on their website......meaningful.

Add the coal contract that is only "waiting Chavez approval" with the Italians**........meaningful.

Recent Keywords.....contract......kaolin...... miners....oil......compensation........ gomez......ecuador.......kinross....... i mention contract?

**Wonder if Ortega will deny the open cast environment permit??

Italian investors decide with Mibam to operate coal in Anzoátegui

(It presses MIBAM; 28-10-08) The intention to explore and to operate coal deposits in the mining areas Masterful Row II and Masterful Row III, located in the municipality Manuel Bruzual of the Anzoátegui state, I am manifest in memorando of understanding subscribed between National the Minera Company (EMN) assigned to the Ministry of the Popular Power for the Basic Industries and a Mining (Mibam) and the company of Italian origin Energy Coal.

The president of national the Minera Company, Oscar Nibbles, explained that recently the Mibam granted to him to the company to its position, these concessions destined to the mining of open-cast coal and underground coal mining, with the purpose of to operate them with the private sector jointly.

“The Venezuelan State is very interested in the rational advantage and viable of the deposits of coal and through the EMN the advantage of those minerals is tried”, assured.

Like policy of the Venezuelan State to promote the foreign investments, through Mibam the supply was considered that a group did Italian called Energy Coal, first house of a company that was constituted in Venezuela several years ago, is the Italian partnership: Coals of Bruzual whose experience - in which it talks about coal extraction is recognized world-wide scale, referred.

In such sense, it assured that analyzed the references of the company, the national Executive decided to carry out a strategic association through an operation contract.

It nibbles explained that the Venezuelan State will jointly have a direct participation within the productive process - with the communities and the private investor; in addition, it limited that the subject of the distribution of the income will be much more advantageous, that as it were handled previously.

And it is that the project that is constituted is in the obligation to cancel the tax of 3% by mining operation; additionally, the Venezuelan State will receive a 40% of the net utilities that produce, a 20% is going to be destined the communities, the rest of the gains will be those that the deprived investor obtains, taking into account that all the investment will be in charge of that sector.

“Here we see as they are the direct advantages that the Venezuelan State with the mining contract will have and that will become an example to follow with any other project of the branch”, it emphasized.

Once the President of the Republic gives the approval, the state company jointly with the private investors will immediately begin the operations related to the studies of environmental impact, while they will ask for the permissions of affectation of the territory before the Ministry of the Popular Power for the Atmosphere.

Also it emphasized that beginning to the exploratory studies required in the zone will occur to make the projects of mining and the respective technico-financial analyses of feasibility.

It nibbles informed that the company/signature of the contract of operation with the Italian company will become in a nongreater time interval to the thirty days.

On the other hand, general manager of the Italian company Energy Coal, Antonio Pengue, informed that in this project she will jointly work with the communities with regard to the reforestation and environmental control.