Venezuelan president
Hugo Chavez extended his nationalization run by announcing that the government is taking a majority stake in coal mining company
Carbones del Guasare, which runs the Paso Diablo mine in the western Venezuelan state of Zulia.
American coal miner Peabody and U.K.’s Anglo American currently each controlled 25.5% of the company while the Venezuelan government through its Carbozulia corporation had the rest. Chavez did not disclose terms and conditions of the acquisition.
The president also announced the purchase of the 64% that Venezuela doesn’t already own of Carbones de la Guajira, another coal miner in Western Venezuela, for $21 million. The stake is controlled by private consortium Carbomar, whose shareholders include Chevron.
