CARACAS (Dow Jones)--Venezuela is considering opening an international bidding process to certify part of its mineral reserves, Mining Minister Rodolfo Sanz said Tuesday.
The certification process is an essential step in building up the country's mining industry, Sanz said. The certification phase could last two years, he told reporters.
The minister also said the administration of President Hugo Chavez is open to private investment in the industry and that the government wants to partner with international mining companies.
Sanz said that companies that want to associate themselves with the government need to show they have enough cash to carry out their investments in Venezuela instead of pledging they will raise financing.
Venezuela is giving priority to its gold and diamond mining industry, where it is keen to partner with companies from India, Sanz said.
-By Darcy Crowe, Dow Jones Newswires; 58-414-249-6821; darcy.crowe@dowjones.com
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(END) Dow Jones Newswires
04-14-09 1706ET
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