THE NATIONALIZATION of Venezuela's gold mining industry became official when President Hugo Chavez signed a decree on Aug. 23 giving the government total control over the gold produced in Venezuela. Speaking during a televised speech, Chavez also announced that the repatriation of $11 billion in Venezuelan gold reserves currently held in U.S. and European banks would begin within several weeks, the Associated Press reported. Chavez did not offer details of how the new decree differs from a 1965 law that nationalized gold mining. In 1977, the government granted itself exclusive rights to extract gold.
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