Sorry for all the coal mining posts today but I really think this developement is very important to KRY. Also notice the comment about open pit mining. Ortega's denial, comments, stance and everything else she may have said is done, gone, finished and/or whatever else you want to say. One of the aspects of KRY's denial was based on no open pit mining. The bashers on all of the boards had a hay day on the "no open pit" mining comments Ortega made at an impromptu interview....well apparently the gov't that resides above her thinks otherwise.

Italian Coal Energy Company operated coal mines in Venezuela
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EFE --
The Italian company and the State Coal Energy Venezuelan National Mining Company (EMN) today agreed on a memorandum of understanding next joint exploitation of coal in eastern Venezuela, the state agency ABN reported.

Coal Energy, the consortium of Italian Carbones Bruzual, was formed in Venezuela for several years and has experience in coal mining "recognized worldwide," he told the chairman of ABN MND, Oscar Roa.

"The intention is to explore and exploit coal deposits in open pit and underground mines in mining areas Fila Fila Master Teacher II and III, located in the municipality Manuel Bruzual," the state of Anzoategui, Roa added, as outlined the state agency news on its website.

Roa said that the signing of the contract will be signed "within a period not to exceed 30 days" and that "the Venezuelan State will have a direct involvement in the production process, together with communities and the private investor."

"The distribution of income will be much more advantageous," he added, and detailed in this sense that the project will mean to be canceled at Fisco Venezuelan tax from 3% to mining and, additionally, "the Venezuelan state will receive 40% of net "to be obtained.

ABN stressed that the project will begin to run once the country's president, Hugo Chávez, "giving the green light," which requires environmental impact studies and "the respective analysis of technical and financial feasibility."

The general manager of the Italian company, Antonio Peng, in turn, reported that "in this project will work with communities as far as reforestation and environmental control."