This story is from last week. Sorry if it's a repeat.

http://www.abn.info.ve/noticia.php?articulo=200751&lee=17

Venezuelan President proposes creation of South mining and oil corporation

Caracas, Sept 28 ABN.- In order to maximize the use of the mineral resources in South American and African countries, the president of the Bolivarian Republic of Venezuela, Hugo Chavez, proposed to create a transnational corporation in which the countries interested on constituting the new organization can obtain better benefits.

According to President Chavez, the proposal has been developed by the Africa-South America Secretariat.

Moreover, he commented that Venezuela has achieved a loan so as to start the mining exploitation, which would be paid with part of the production.

“We have reached several millions of dollars to be invested in mining, and with a portion of the production of gold, iron and diamond we will pay that production. We will not give in the mines; we have put the conditions,” he stressed.

Furthermore, the Venezuelan president stated that South American and African people are placed in a very rich territory, but their people are poor because they have been exploited by the imperialism.

Another proposal is be the creation of an oil company that, just as he explained, might be called Petrosouth-south, so as to gather the oil producing countries of the ASA member countries, no matter their production levels.

Likewise, he explained that the countries should organize themselves and take possession of their resources, as it is the case of the petroleum.

“We have plenty of oil, but it was not ours before. We have paid the blood price to defend it. We also have a great mining industry, but all of it was in hands of private companies and corporation. We have to work so that our people can be the main benefited,” President Chavez expressed.