This article from 2007 and probably the most interesting, the article is from Bloomberg:

Venezuelan Mining Law Likely to Be Delayed Till 2007 (Update1)

By Peter Wilson

Oct. 17 (Bloomberg) -- Venezuela's mining law overhaul will probably
be delayed until 2007 to allow more time for consultations, according
to Basic Industries and Mining Minister Jose Khan.

The government had hoped to pass legislation before year's end, Khan
told reporters today in Caracas at the presidential palace. The
draft, which will give the government more control over the mining
industry, was given preliminary approval by congress in June.
Venezuelans go to the polls Dec. 3 in a race between President Hugo
Chavez and challenger Manuel Rosales.

``We're now in October, and we're getting close to (presidential)
elections,'' Khan said. ``Many congressmen will likely take part in
the campaign. And we want to talk with small miners.''

The delay comes just weeks after Venezuelan soldiers killed six
miners in the southeastern state of Bolivar, which holds most of the
South American country's gold and diamond deposits. The deaths, which
resulted in the arrests of 14 soldiers, has become a campaign issue.

Chavez sent the legislation to congress in late June. The assembly,
whose 167 members all support Chavez, quickly passed the draft in its
first reading. The bill has to be passed in a second reading to
become law.

Besides bolstering state control, the bill would also push up the
royalties that miners pay.

Mining Company

The government also wants to create a state company, similar to
Petroleos de Venezuela SA, which would oversee mining activities,
Khan said. The company would have a majority stake in all joint
ventures formed with private partners, Khan said.

``We aspire to majority control,'' said Khan, formerly a congressman
before being named a minister in August. ``Mixed ventures will allow
private sector participation.''

Besides reasserting state control over mining, the joint venture
format also would allow for more funds to be funneled for social
development, he said.

Social development in the gold mining region has largely been ignored
in the past. Given the lucrative nature of the industry, mining
companies should fund more programs such as Petroleos de Venezuela,
he said.

``Many companies understand this,'' he said. ``There are many
companies that want to convert their operations to this.''

Among those companies is Canada's Crystallex International Corp.,
which is developing the Las Cristinas deposit, the country's largest
gold reserve.

Joint Venture

When asked if Crystallex would agree to create a joint venture, Khan
said, ``I am sure that they will want to migrate as it will give them
many advantages.''

Las Cristinas, and the adjoining Las Brisas deposit, which is being
developed by Gold Reserve Inc. ``is the same mine,'' Khan said. ``The
companies have to be in agreement.''

Crystallex received a contract in 2002 to develop Las Cristinas, in
the southeastern state of Bolivar. The tract has more than 10 million
ounces of proven and probable reserves, making it Venezuela's largest
deposit. Gold Reserve says Las Brisas has 10.1 million ounces of gold
and 1.29 billion pounds of copper in proven and probable reserves.

To contact the reporter on this story: Peter Wilson in Caracas at
pewilson@...