Gold Reserve Inc. stunned a skeptical market yesterday after winning a key permit to mine a significant gold-and-copper reserve in Venezuela. The company's long-term plan will be hashed out with the help of a non-governmental organization and area residents.
On Tuesday, the Venezuelan National Assembly took the first steps towards passing reforms on the Venezuelan Mining Law, which could force companies with abandoned mines to form joint ventures with the Venezuelan state.
Chavez announced that the Venezuelan government would no longer issue mining concessions and would cancel existing ones. Instead, Venezuela will create a single state-owned mining company to conduct all mining in Venezuela, along the model of its state-owned oil company.