Govt approves US$3.7mn to restructure mining sector - Venezuela
Published: Friday, March 27, 2009 17:38 (GMT-0400)
By Business News Americas staff reporters
Venezuela's government has approved 8mn bolívares (US$3.7mn) in funding for projects aimed at restructuring the mining industry, state news agency ABN reported.
The funds will be issued in the form of loans to informal miners who abandon claims where they had no prior permission to work. The workers will be transferred to jobs in the agricultural industry, according to the report.
The restructuring measure is designed to cut down on informal mining in the zone by relocating small-scale miners, and eliminating concessions in the Caroní river basin and the Sierra Imataca area.
Operative mines in the zone include the Las Cristinas gold project held by Canada's Crystallex International (TSX: KRY). The government has been working since last year to relocate the informal miners to the so-called Kilometer 88 deposits where Las Cristinas is located.
