Chavez to Take on ‘Mafia’ With Venezuelan Gold Investment

Venezuela will seek investment in the country’s gold industry to boost production of the metal as illegal miners account for almost half the country’s output.

Venezuela is producing “only” 11 metric tons of gold a year and alleged illegal miners extract another 10 to 11 tons a year, President Hugo Chavez said. The government will label the metal “strategic” and set geographical limits for its production in the country, he said.