Venezuela lends $410 million to aluminum sector

CARACAS, April 29 (Reuters) - The government of Venezuela will lend $410 million to the country's state-run aluminum companies to help them overcome financial problems, President Hugo Chavez said on Wednesday. Venezuela's aluminum sector is dominated by the Venalum smelter, which is a joint venture with Japan and bauxite producer Bauxilum. "This is support form the government to guarantee the sustainability of the aluminum companies, which are facing important difficulties," Chavez said during a televised cabinet meeting. Mines Minister Rodolfo Sanz said the money would be used to pay debt to local and international suppliers, protecting production at the plants while a broader rescue plan is drawn up. Management of the aluminum companies have said the sector needs a $1 billion cash injection to pay debts and invest in technology.