Gold mining blocks wait for approval of Venezuelan Congres
A reform of the Law on Oil Windfall Revenues will be discussed by the Venezuelan Congress
Both plans will be submitted to the National Assembly for consideration.
Referring to the Law on Oil Windfall Revenues, Ramírez reminded that the reform seeks redistribution of oil tax rates and an increase in Pdvsa's US-dollar contributions to the central bank.
He added that the apportionment of mining areas Guasipati-El Callao, El Callao, and Sifontes Sur for gold development also awaits discussion at the National Assembly.
The minister noted that such blocks account for 81.44 million ounce of gold approximately.
"This action (Incorporating the blocks) will allow delimitation of the areas to boost oil production and prevent smuggling. It will also bring order in a sector that used to be in the hands of private enterprises, which traded in the stock market to obtain vast profit without developing the resources," Ramírez outlined.
Translated by Jhean Cabrera
Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.