There are really only two gold miners that Hugo could confiscate (better word that nationalize IMO) right now, and that would be Rusoro and Hecla.  The biggest projects (KRY and GRZ) are just empty lots and would remain so forever.  If Hugo were devious, which I actually doubt, he would let KRY and GRZ build both projects and then renegotiate the deal after both are in full production.

Anything short of that is silly.  Hugo has taken control of key industries for a reason, although he has proven incapable of operating them at any level of efficiency.