CARACAS, Venezuela (AFX) - Venezuela will take control of all idle mining areas, including those still await production permits, under a proposed legal reform, Mining Minister Victor Alvarez said Friday. Alvarez presented a proposed mining legal reform to the National Assembly that would permit the administration of President Hugo Chavez recover idle mines so new deals can be negotiated. 'In many cases the lack of permits is nothing but an excuse to remain idle,' Alvarez told reporters. Under the proposed law, Venezuela will seize non-producing mines and re-negotiate deals or hand the mines over to small-scale miners. Chavez wants to convert all idle mining deals into new agreements with a majority stake for the government. He has announced his administration will issue no more concessions and will rely only on operating agreements with foreign investors.
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