Minister of Basic Industries and Minería (Mibam), Rodolfo Sanz, announced that the Government will invest 1,200 million dollars to improve his industry of aluminum, represented by Alcasa, Venalum, Bauxilum and Carbonorca.

Workers and industralists have requested the rescue of the basic companies of Guayana. Photo File

“In the middle of the crisis, president (Hugo) Chávez has had these resources because for us the crisis must be an opportunity. When the world-wide economy begins to take off we will be able to continue that process of value aggregation not to continue exporting only raw materials, but to export finished products”, indicated the minister.

Sanz emphasized that this investment is going to have a positive impact in the consolidation of the use and the generation of new jobs.

The Venezuelan State acquired the past year the Iron and steel of the Orinoco “Alfredo Maneiro” (Sidor), before the Argentine group Techint, the greater steel mill in the Andean zone and of the Caribbean, with a production of 4.3 million tons of liquid steel in 2007.

In addition, Sanz asserted that Venezuela owns a great mineral wealth “that we are quantifying and certificando”.

According to its numbers, the country counts on the second reserve bases on gold mineral of the world, after South Africa, with 15,550 tons of gold equivalent to 500,000 million ounces troy.

“Certified we have 100 million ounces troy of gold, that to the present value is 100,000 million dollars”, it indicated the minister, who expressed the desire of the Government “at the moment to mint gold” so that he affects the level of the Venezuelan international reserves, in about 33,000 million dollars.

Venezuela subscribed August an agreement the past on watch so that the Cuban company Geology, Mining and Production of Salt (Geominsal) evaluates and determines the gold reserves in 48.000 hectares of auriferous zones that the state Minerven controls.

Intention in bulk
The Venezuelan State has signed - in diverse opportunities letters of intent with national and foreign investors to improve the operative conditions of the sector aluminum, nevertheless, they have been discarded.

In the case of the pioneer of aluminum, CVG Alcasa, one of letters of intent signed with the Venezuelan company Sumtex the 11 of September of 2007 decided an investment 1,750 million dollars for the improvements of the company. Another one was subscribed with Global Resources Corporation by 80 million strong bolivars the 27 of November of 2007 and also it was discarded.

The last letter of intent signed with China CAMC Engineering Co Ltd. the 25 of March of 2008 considered - after a study of the sector the necessity of an investment of 5,500 million dollars for associated maintenance, expansions and endogenous projects with the industries of the aluminum that not only would correct the productive deterioration, but also would contribute to generate 9 thousand new uses.

The operative deterioration of the companies of aluminum has deepened months in the last, product of the lack of investments in technological adjustment, maintenance and consumptions, even, payments to suppliers. (With AFP information)