Venezuelan President: Diamond Concession Revocation Legal

Venezuelan President Hugo Chavez said in a radio and television address Sunday that the revocation of diamond and gold concessions were “absolutely legal”, defending the revocation of De Beers diamond concessions by the Ministry of Energy and Mines.

In his weekly “Hello President" address, Chavez said “This is a country that is recovering its independence little by little, bit by bit (from) the oligarchy and their transnational allies,” adding that he authorized the move.

On Friday, De Beers denied any claims that it had acted in an “illegal manner”, as it was accused by the Energy and Mines Ministry.  Orlando Ortegano, the Deputy Minister, said the miner has not complied with agreements and failed to meet certain legal requirements in its requests for several mining concessions in the country.

“De Beers refutes any allegations that it has acted illegally in respect of its activities in Venezuela,” the company said in a statement.