Chavez's Gold Bind

Venezuela's antiglobalist policies are scaring foreign mining companies. Are they hurting miners?

David Rochkind / Polaris

A miner illegally pans for gold at Las Cristinas mine near Ciudad Dorada, Venezuela.

Thousands of miners staged a violent two-week demonstration last September in Las Claritas, Venezuela, close to the Brazilian border. They blocked the border highway, burned trucks and threw rocks and Molotov cocktails at national-guard troops. Their main target was Crystallex, a Toronto-based company that since 2002 is said to have held the legal rights to Las Cristinas--the world's fifth largest gold mine, with 12.5 million oz. of proven reserves.

Another confrontation between a ruthless First World corporation and exploited Third World labor? No, this is the Venezuela of President Hugo Chávez, where any semblance of business as usual is usually unintentional....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!