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Venezuela to nationalize gold mines

08-18-2011 09:11 BJT

Venezuelan President, Hugo Chavez, has announced he'll nationalize the country's gold mines and gold extraction industries. He says, the country will deposit some of that gold into its international reserves.

Chavez made the announcement on Wednesday, during a telephone call, broadcast, during a military ceremony. It's unclear, how the move is different from a 1965 law that nationalized gold mining in the country. In 1977, the government granted itself exclusive rights, for extracting gold. Chavez returned home to Venezuela on Sunday after his latest round of cancer treatment in Cuba.

Editor:Zhang Jingya |Source: CNTV.CN

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