The Venezuelan mining sector needs about USD 1 billion to supply materials on an urgent, widespread basis in the context of the housing plan encouraged by President Hugo Chávez.

The amount is the result of a number of requests for funding made by several mining companies, including gold company Minerven and aluminum makers, such as Alcasa, Venalum or Bauxilum. The money would be spent in a wide range of items, from payment of wages to procurement of raw materials.

The companies should be cleared in order to meet housing needs at the initiative of President Chávez. The housing gap in Venezuela is estimated at two million dwellings.

The plan also points to more job creation and economy recovery.

(Sourced from El Universal)