|
|
Article: Venezuela ends mining concession for Gold Reserve
- Article from:
- AP Worldstream
- Article date:
- May 27, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
Venezuela refused to renew a gold concession held by U.S. miner Gold Reserve Inc. on Wednesday as President Hugo Chavez seeks to boost state control over the nation's gold deposits.
The Mining Ministry rejected the company's request to extend the contract for its Brisas del Cuyuni project, part of its larger Brisas mine in Venezuela's southern Bolivar state. The concession expired in April 2008 and has since been under review.
The decision was published in Venezuela's Official Gazette on Wednesday.
Gold Reserve claims that the rejection violates Venezuelan law, which requires the government to reply to concession requests within six months. Gold Reserve says it first ...