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tothegoldrush

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Venezuela to nationalize gold industry

posted on Aug 17, 2011 12:49PM

Venezuela to nationalize gold industry

CARACAS

12:25 EST Wednesday, Aug 17, 2011

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Venezuelan President Hugo Chavez said on Wednesday he plans to nationalize the gold sector – including extraction and processing – and use the production to pad the country’s international reserves.

Mr. Chavez, speaking on state television, said he would carry out the nationalization through a decree in coming days.

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