Chinese gold mine returned to Venezuelan Government

26/02/2009 15:44 PM

AP. Caracas. The Venezuelan government will assume control of a gold
mine in southeastern Bolivar state, which was managed by the company
six years by Jin Yan, the Chinese capital, which decided to withdraw
from business in the country, announced today the minister of
industry.

The Minister of Basic Industries and Mining, Rodolfo Sanz, told the
press that the Venezuelan authorities are going to "recover a mine
that is in the hands of the Jin Yan''which will be controlled by the
government.

Sanz said that the company Jin Yan, whose shareholder group Chinese
Shandong Gold Mining, "have decided to withdraw from the
business''and that is why I returned the granting of operating the
mine Sosa Méndez, located in the southeastern town of El Callao,
Bolivar State.

The president of the mining Jin Yan, Ge Yuhua, said last month at the
regional newspaper Correo del Caroni that the Chinese group hopes to
complete a "friendly''the process of delivery of the mine where they
worked for six years.

"Now we are just awaiting the signature. We invest in this project
nearly 31 million dollars, but thank God we managed to succeed, and
to rehabilitate operations of this mine''Ge said through an
interpreter.

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