By Patricia Rondón Spin

CARACAS (Reuters) - Venezuela will look for with a law of mines that all the operations of the sector work under the figure of mixed companies, public or communal property, at moments at which it is in condition the future of the Cristinas, one of greater not developed the auriferous deposits of the world.

In his course towards the socialism, the Government of president Hugo Chávez initiated east year an extensive campaign of nationalizations to increase the state control in strategic sectors of the economy, among them the hydrocarbons, the electricity and the greater company of telecommunications of the country.

The proposal of Statutory law of Mines establishes that in the sector they only operate "mixed companies, public companies and companies of communal property," said to Reuters the vice-minister of Iván Mines Hernandez, ordered to write up the project.

The civil employee added that the rough draft of the legislative text contemplates the elimination of the concessions, that they will have to migrate to other legal figures with state participation.

"Concessions, as we know it today, he does not have (in the project)," emphasized.

The Canadian Crystallex hopes from the 2002 approval of the authorities to initiate the operation of the deposit the Cristinas, located in the suroriental been Bolivar, but the law could affect its operative contract.

Hernandez assured that minister of Basic Industries and Mineri'a has slope from the beginning of the week the definitive approval of the law project, that has been months in preparation.

Soon, the document will happen to hands of a commission that transacts the projects through the "Qualifying Law," a special power that the Congress to the president granted to legislate by decree.

Nevertheless, the entrance in use of the law could delay several months.

The legislative change could affect more than 480 concessions and 500 contracts of operation subscribed by the state Venezuelan Corporation of Guayana (CVG) with companies deprived in a total surface of 1.9 million hectares, according to official numbers.

EXPECTATION ON CRYSTALLEX

The future of the participation of Crystallex in the Cristinas it continues being an incognito. Hernandez needed that she would depend on the approval of the law and the conversations that will maintain both parts in the next days.

"Until now I cannot say to you because that is going to depend on the approval of the law," it said.

In addition to the law of mines, the company is to the delay of an environmental permission key.

The company said the last month that it absolutely did not have "nor idea" of when would receive this authorization on the part of the Ministry of the Atmosphere, but affirmed that it is prepared technically to begin to set off the mine immediately.

At the same time it assured that it was not worried that the Government takes control on the project, a speculation that has worried to investors, that they consider that with the new law the Canadian miner could be with a minority participation in a mixed company with state control.

On the other hand, the Ministry of the Venezuelan Atmosphere back assured weeks that it is not in a hurry to grant the permissions, after that the project Crystallex received objections by its ecological impact. Neither the authorities, nor the miner have clarified if the original project were modified.

Crystallex increased in 20 by one hundred its estimation on the gold reserves of the Cristinas in September, to 16.8 million ounces of gold, from 14 million ounces, calculated in a price of 550 dollars by ounce.

The volatile titles of the company quoted to 2.94 dollars to the 1600 GMT.

At the moment, the greater producer of the mineral in the country is the local unit of the American Hecla Mining Co, who operates the Isidora Mine in the state Bolivar, where also is developed to the mine Breezes, granted in concession to the Canadian Gold Reserve.