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Caracas to control Guasare coal
Mon, 12 May 2008 04:51:20


Venezuelan President Hugo Chavez
Hugo Chavez says Caracas will take a majority stake in Guasare Coal
International, a joint venture between Venezuela, US and Britain.

I have approved the acquisition of a majority stake in Carbones del Guasare,
Chavez said during his weekly Sunday broadcast. However he did not say by
how much the state would boost its holdings in the company.

Guasare coal consisted of Venezuela's state-owned Carbozulia, US-based
Peabody and Britain's Anglo-American Plc, operates the Paso Diablo coal mine
in Venezuela's western Zulia state.

Carbozulia has a 49 percent stake in Guasare, while Anglo-American and
Peabody each have 25.5 percent.

Chavez also said the state plans to take complete control of Carbones de la
Guajira, buying out the 64 percent stake in the company held by a mining
consortium called Carbomar.

The buyout will be done over 18 months for no more than USD 21m, Reuters
quoted him as saying.

Carbones del Zulia has operated the Mina del Norte mine in Zulia state since
1995.

BGA/HAR