[Marxism] Venezuela's Chavez says "taking back" mines

["Fred Fuentes" <fred.fuentes@xxxxxxxxx>]

Venezuela's Chavez says "taking back" mines Fri Sep 19, 2008 7:59pm EDT

CARACAS, Sept 19 (Reuters) - Venezuelan President Hugo Chavez said on Friday
he is "taking back" mines, a sign the leftist may order takeovers in a
sector that includes a large gold project run by Canada's Crystallex (KRY.TO:
Quote <http://www.reuters.com/stocks/quote?symbol=KRY.TO>,
Profile<http://www.reuters.com/stocks/companyProfile?symbol=KRY.TO>,
Research <http://www.reuters.com/stocks/researchReports?symbol=KRY.TO>, Stock
Buzz <http://reuters.socialpicks.com/stock/r/KRY>).

Chavez, who has nationalized swaths of the oil-based economy, appeared to
single out Las Cristinas, the Crystallex-owned project that has the
potential to be a world-class mine but was denied an exploration permit in
April.

"We are taking back big mines, and one of them is one of the biggest in the
world. And do you know what it is? It's gold, it's gold," Chavez told
supporters at a rally during a speech about the benefits of state control in
an economy.

Las Cristinas has been on standby for years in need of permits. The
government's permit denial this year sent Crystallex' stock plummeting.

Since then, the company has failed to have the permit ruling overturned. But
it has said it has held encouraging talks with the government about the
project.

Government officials have not publicly echoed such sentiment. (Reporting by
Enrique Andres Pretel; Writing by Saul Hudson; Editing by Marguerita Choy)
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