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[NYBob]

KRY gets 45% returned -

Chavez Decrees Nationalization of Gold Industry Amid Surging Bullion Price -
Sep 20th, 2011 07:39 by News
19-Sep (Bloomberg) —

Venezuelan President Hugo Chavez ordered the nationalization of
the gold industry and gave companies 90 days to form joint ventures
with the state as he seeks to boost control over
the nation’s metals producers.

The government will hold at least 55 percent of any joint ventures,
according to a decree in today’s Official Gazette.
The decree sets a royalty rate of 10 percent to 13 percent
and says that all Venezuelan gold production will be sold
to the state.

Chavez first announced the nationalization of the industry
and plans to repatriate Venezuela’s foreign gold reserves
on Aug. 17.

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http://www.bloomberg.com/news/2011-09-19/chavez-decrees-nationalization-of-gold-industry-amid-surging-bullion-price.html