Venezuela’s President Chavez has claimed that he will be seeking investment in his country’s gold industry in an attempt to reclaim some of the industry back from the illegal miners who create almost half of the country’s output.

The country is currently producing about 11 metric tons of gold a year legitimately, however illegal miners are extracting the same amount according to President Chavez.

He said on state television”The gold mafia is taking it, and the state has to act. We have to look for investors to increase production with a new vision. We can’t just depend on one company.”

Vancouver-based Rusoro Mining Ltd. expects to quadruple its output of gold in Venezuela by 2013 after the government in August relaxed export limits to 50 percent from 30 percent.