Venezuelan president Nicolas Maduro has named Jorge Arreaza as the country’s new mining minister. Guyana President Desmond Hoyte has reiterated the significance of the mining resources in the country and the need to attract foreign investors for the development of its resources.
While announcing Arreaza’s appointment on a televised broadcast the president said developing mining was part of his emergency plan to revive the dwindling economy of his country.
The oil price crash in 2014 has caused a severe economic crisis in the country which led to skyrocketing inflation and mass shortages of food and supplies including medicine.
“Mining is one of the great sources of financing for development for the coming years,” Maduro said.
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He added that the government was looking for investment from countries like Britain, Canada, China, Russia and South Africa to develop its diamonds, copper, iron and bauxite resources besides it rich gold reserve.
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