Chavez wants Africa and South America to create a joint mining firm

Publicado el 28 de Septiembre en Mineweb Newsletter

INTERNATIONAL CO-OPERATION

The cross-continental miner would enable the two regions to maintain
control of their respective assets.

Posted: Monday , 28 Sep 2009

PORLAMAR, Venezuela (Reuters) -

Venezuela's President Hugo Chavez proposed on Sunday that South American
and African nations unite to create a cross-continental mining
corporation to keep control of their resources.

"Africa and South America are rich lands, yet their peoples are poor,
because they have been exploited," Chavez told a summit attended by 28

African and South American leaders.


The meeting has been dominated by calls for poor nations to unite
against the global economic dominance of the West.

Chavez said Venezuela had agreed to form a joint venture in mining with
Sierra Leone, and was signing letters of intention with Mauritania,
Mali, Niger and Namibia.

Chavez proposed a "multi-state" corporation for the South America-Africa
group meeting on Margarita island, saying Venezuela could lead the way
given it had obtained major funds recently for mining investment.

"Without having conditions imposed on us, we obtained various billions
of dollars a while ago to invest in mining. And with a part of the
production of gold, iron, diamonds, we are going to pay that
investment," he said.

Venezuela recently signed a series of energy and military deals with
Russia that included a $4 billion Russian loan to help the South
American country develop its mining sector. It was not, however, clear
if that was the source of the funds Chavez referred to.

Venezuela holds some of Latin America's most undeveloped mineral
deposits, including gold, diamonds and bauxite.

Venezuelan Mining Minister Rodolfo Sanz said Chavez was also offering to
help some African countries identify their mineral deposits.

"We're hoping to set up a technical commission within 30 days that will
begin the first steps of setting up exploration camps and geological
prospecting," Sanz said in a statement.

Chavez also called for similar cross-continental corporation for oil
development.

"We have to do it. This is our way forward," he said.

© Thomson Reuters 2009 All rights reserved


roraimasaaaertyuiiopasdddd