September 28, 2005
State mining company will start up in 2006

(BNamericas.com) - "Venezuela's state mining company will start up on January 1, 2006, government news agency ABN quoted basic industry and mining minister Víctor Álvarez as saying.The government initiative seeks to revive dormant mining properties.

The company will aim to solve a problem whereby some concessions granted years ago are still inactive because virtually zero exploration or mining activity has been performed, according to Álvarez.

'Transnational companies or national economic groups are retaining these areas containing large gold and diamond underlying reserves,' which is detrimental for small-scale miners as they are left without work, he said".