Gold production might be considerably reduced by being taken out of the private sector and wouldn’t come close to making up for oil shortfall anyway.
Might???? I’d say it is a pretty sure bet that production will fall...
100% of what little they will actually produce with political appointees running the mines will probably be about half of what they could get in royalties from professional operators.
And you are right. Even if they double production, it won’t make up for the shortfall from oil (Which will probably be back up again before the government mines produce their first ounce of government gold.
However, I rather imagine that Hugo’s personal banking gnome in Switzerland is thrilled over the prospect of Venezuelan gold flowing through his hands into Hugo’s private accounts.