Thursday, October 27, 2011

A press release indicates that the state Mibam received 30 million bolivars for the purchase of supplies and spare parts.

CVG Minerven, through the Ministry of People's Power for Basic Industries and Mining, completed the cancellation of the remaining 50% was owed retroactive to a labor force of 2,227 workers.

The Minister Jose Khan, said that under the impulse of the Nationalization Law of Gold, the Venezuelan government has made a strong commitment to ensuring the welfare of workers. Through a press release said that in this way fulfill the commitment made on 19 October at the Assembly held after the installation of negotiating committees and transition in the mining companies.

"There, the authorities assume the prompt payment of a debt by the order of 13 Bs. 043 625, payable outstanding in the month of April. "

The owner reported that the state Mibam won the first contribution of the loan requested in order to recover the productive capacity of the factory of gold.

The first contribution amounts to Bs 26,859,600 obtained will serve to purchase parts and supplies needed for recovery operations and the relaunching of the state.

The National Executive, the press release states, seeks by this new administration headed by Franqui Skates, ensure the processes of exploration, extraction, processing and maintenance of the company, to thereby achieve the production targets set for the end of 2011 .

"Thanks to the reactivation process ensures the acquisition of inputs such as cyanide, lime, zinc dust, holes, etc., that are necessary for the production process of the mining company in the southern state of Bolivar."

The state reported that revenue from the sale of gold ore to the Central Bank of Venezuela are used to cover contractual benefits such as salaries, wages and food stamps.