Venezuela’s Maduro creates mining ministry

June 8, 2016

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Venezuelan President Nicolas Maduro announced on Tuesday the creation of a ministry devoted just to mining, as the OPEC nation pushes to develop untapped mineral resources to diversify away from the oil industry, which provides nearly all its foreign exchange.

Maduro’s government is seeking international partnerships with foreign investors to boost gold production. This year, Venezuela inked an agreement with Canadian mining company Gold Reserve to develop the Las Brisas and Las Cristinas mines as a way of resolving a long-running arbitration dispute.

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