Venezuelan president Hugo Chavez has revealed that his government is looking to expand the country's gold mining sector.

Speaking on Wednesday, Mr. Chavez said the nation was close to securing a loan that would be used to increase its focus on mining precious metals, Reuters reports.

"We are on the verge of acquiring a credit with several institutions and countries," he remarked. "We will pay a part of this credit with that production."

Venezuela has brought in a number of policies over the last decade to encourage the extraction of its natural resources, including gold.

It recently signed a deal with mining firm Rusoro to work on a number of different ventures.

Mr. Chavez did not say whether the loan would link in with this agreement, what amount of money the country is seeking or which groups it is speaking to in order to get the financing.

Currently Venezuela's economy is reliant on oil, which accounts for 30% of gross domestic product and 90% of exports, according to the CIA World Factbook.

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