China offers aid to Venezuela for coltan exploitation

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China offers aid to Venezuela for coltan exploitation

posted on May 23, 2010 08:28PM

China offers aid to Venezuela for coltan exploitation

Caracas, 23 May. ABN .- The President of the Republic, Hugo Chávez said Sunday that Venezuela offered to help China in exploiting the mineral coltan, recently found in the country.

During the broadcast of the program Alo Presidente, number 358, held in Carabobo state, the Venezuelan president mentioned that in December 2009, gave a sample of this ore to Chinese experts, "and received the report which state that are willing to help Venezuela in the exploitation of coltan.

He stressed that the mineral coltan is a highly strategic, because it is a superconductor used in electronics and spacecraft, "that is all the space race and satellite needs of coltan."

He recalled that Venezuela has significant wealth represented in iron mines, gold and diamonds, "which were in the hands of the bourgeoisie and some companies that were running, and now we are working with China to recover."

Also asserted that China gave Venezuela an additional appropriation of 10 billion dollars, "is a necessary debt, high volume and long term."

He said this appropriation, funding from China to Venezuela amounted to 20 billion dollars. Besides $ 12 million China-Venezuela Fund.