Eluniversal.com
Mining sector declined in Venezuela
Edited by : AL CIRCLE
1 min read
According to the Central Bank of Venezuela (BCV), the mining sector declined 3.2% compared to 2011
In a growing and expanding economic environment, Venezuela s mining activity fell 3.2% in the first quarter of the year, compared to the same period in 2011.
Jorge Giordani, the Minister of Finance and Planning, reported a decline in the production of iron, steel and aluminum of the basic industries of the Venezuelan Guayana Corporation (CVG).
Nelson Merentes, the president of the Central Bank of Venezuela (BCV), specifically informed that the mining activity lowered 3.5%, although the statistical report showed a 3.2% contraction in the sector.
This performance, which differs from the positive macroeconomic environment, occurred two years after a power crisis that forced Venezuela s heavy industry to shut down most of the steelmaker furnaces and operations in primary electrolytic cells at state-run aluminum smelter Venalum for about 6 months, due to their heavy energy consumption.
Since then, production and sales at the basic industries have plummeted and significant losses have hit investments in the sector.
In a growing and expanding economic environment, Venezuela s mining activity fell 3.2% in the first quarter of the year, compared to the same period in 2011.
Jorge Giordani, the Minister of Finance and Planning, reported a decline in the production of iron, steel and aluminum of the basic industries of the Venezuelan Guayana Corporation (CVG).
Nelson Merentes, the president of the Central Bank of Venezuela (BCV), specifically informed that the mining activity lowered 3.5%, although the statistical report showed a 3.2% contraction in the sector.
This performance, which differs from the positive macroeconomic environment, occurred two years after a power crisis that forced Venezuela s heavy industry to shut down most of the steelmaker furnaces and operations in primary electrolytic cells at state-run aluminum smelter Venalum for about 6 months, due to their heavy energy consumption.
Since then, production and sales at the basic industries have plummeted and significant losses have hit investments in the sector.
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