Chavez expects gold to be back in Venezuela in 'weeks'

From Agence France-Presse
via Google News
Tuesday, August 23, 2011

CARACAS -- Venezuelan President Hugo Chavez signed into law Tuesday the official nationalization of the country's gold mining industry and announced the impending arrival of the first shipment of repatriated gold.

Chavez signed the "natural law that reserves the exploration and management of gold, as well as the connected activities, to the state" during a ministerial meeting broadcast by state media.

"In order to reinforce national independence, economic independence ... I sign this national decree for gold," the Venezuelan president added.

In December, Venezuelan lawmakers granted Chavez extraordinary legislative powers to govern the country by decree until the middle of next year.

During the ceremony Chavez brandished a gold bullion from the Central Bank of Venezuela's coffers, which holds 154 tons of gold, an amount worth $7.2 billion.

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