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Venezuela's Maduro creates mining ministry

Published 2016-06-07, 09:55 p/m
© Reuters. Venezuela's Maduro creates mining ministry
GRZ
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CARACAS, June 7 (Reuters) - Venezuelan President Nicolas
Maduro announced on Tuesday the creation of a ministry devoted
just to mining, as the OPEC nation pushes to develop untapped
mineral resources to diversify away from the oil industry, which
provides nearly all its foreign exchange.
Maduro's government is seeking international partnerships
with foreign investors to boost gold production. This year,
Venezuela inked an agreement with Canadian mining company Gold
Reserve GRZ.V to develop the Las Brisas and Las Cristinas
mines as a way of resolving a long-running arbitration dispute.
"I announce the creation of the new ministry of popular
power for ecological mining development," Maduro said in his
weekly program on state television, appointing Roberto Mirabal
to the lead the ministry.
State-run mining firms Minerven and the Venezuelan Mining
Corporation will be under the supervision of the new ministry.
Mining activities had been overseen by the Ministry of
Petroleum and Mining.
Mirabal will be in charge of leading negotiations with Gold
Reserve, which won a $750 million award through the World Bank's
International Center for Settlement of Investment Disputes
following a conflict over the 2009 termination of a mining
concession.
Gold Reserve agreed this year to participate in a new joint
venture with Venezuela's government as a way of resolving the
dispute.
Venezuela is suffering a severe recession and the world's
highest inflation because of a combination of low oil prices and
a decaying state-led socialist economic model. Maduro blames the
problems on an "economic war" carried out by political rivals
and business leaders.

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