Venezuela nears new mining law

Venezuela may send a new law to the legislature within the next month that would lead to more joint ventures between the government and mining companies, said Rodolfo Sanz, the minister of basic industries and mining. The law won't be implemented under President Hugo Chavez's decree power, Sanz told reporters today in Caracas. That power is set to expire next month. Mining companies in Venezuela have awaited the new law for more than a year. In Venezuela's oil sector, companies have to work through joint ventures that are at least 60 per cent owned by the state. Asked about whether Spokane, Washington-based Gold Reserve Inc. and Toronto's Crystallex International Corp. will be able to continue operating in Venezuela, the minister declined to comment.