Thursday, November 20, 2008

http://vheadlinevenezuelanews.blogsp...

Venezuela's National Assembly (AN) approves US$24.12 million for retraining of personnel at the Las Cristinas gold mine

VHeadline Venezuela News reports: Venezuela's National Assembly (AN) has approved the disbursement of a further Bs.F 51.8 billion (US$24.12 million) in funds for retraining of personnel at the Las Cristinas gold mine in southern Bolivar State. The amount adds to an original budget of Bs.F 137.5 billion ($64 billion) which is now increased by 37.6% to Bs.189.3 billion ($88.16 billion) to make provisions for a shortfall incurred during the first 11 months of this year.

Sources say the bulk of the money has gone to social welfare and labor liabilities (wage increases, pension liabilities and other obligations) as well as housing, infrastructure and improved services.

AN Finance Committee chairman, Ricardo Sanguino, says, however, that the current appropriation falls short of an estimated requirement of Bs.F 55 billion ($25.6 billion) and expects the green light to be given to additional disbursements from central government of about two billion strong bolivars (Bs.F) ($931 million) ... in fact Bs.F 499 million ($232 million) was approved on Tuesday of which operation costs of Bs.F 45 million ($21 million) are required for the purchase of construction equipment under a Cuba-Venezuela 'ALBA Bolivarian' joint venture.

The Basic Industries & Mining (Mibam) Ministry, headed by Venezuelan Guayana Corporation (CVG) president Rodolfo Sanz, has received a further Bs.F 60.7 million ($28.27 million)to make long-overdue compensation of Bs.F 10,000 ($4,657) each to just over 6,000 southern gold miners in La Paragua who had pledged not to develop further mining activities in unauthorized areas as part of the National Assembly's determination to re-take control of Las Cristinas so as to protect legal mining in the Caroni basin.

In parallel transactions the National Electoral Council (CNE) was authorized to receive Bs.F 312 million ($145 million) to cover expenses associated with Sunday's voting process and bonuses to employees. Several ministries were also given additional funds amounting to Bs.F 750.6 billion ($350 billion) to cover extraordinary labor payments. The Ministry of Light Industries & Commerce got Bs.F 24.1 billion ($11.2 billion) for the capitalization of Invepal while the Economic Affairs Ministry got a further Bs.F 40 million ($18.6 million) to be transferred to the Endogenous Development Fund to implement a plan to transform the economy of Caracas-Sucre municipality in Miranda State and to provide training for some 1,782 employees.