The FIV runs the government's privatization program. Speaking to reporters at Miraflores Presidential Palace, Poletto said that none of the revisions will require approval by Congress, which approved the original contract in mid-February."The decision taken is to make changes ... basically to the annexes of the contract and not modifications to the (contract) clauses previously approved by Congress," he said.

This means that the government will not be changing the controversial labor clauses in the original buy-sell contract. (Dow Jones)ot fire workers for one year. After the one-year period ends, the owner can fire individual workers but cannot reduce the total labor force for an additional six months. The revisions tothe contract include the bauxite supply contract and greater flexibility in the timeframe for environmental standards, Poletto said.

The FIV also plans to lower the base price for the company, Poletto said. He said a new base price will be announced between June 8 and June 15. Last March, the so-called "base" price - which excluded the company's massive $1.25-billion debt burden - for the entire aluminum company was set at $2.1 billion.Adjusting for the debt and the fact that the government was only selling a 70 per cent stake in the company, the minimum cash price was only $592 million. Still, bidders balked at the base price, saying it was too high for the aluminum company.

The high base prices and certain clauses in the buy-sell contract caused all prospective bidders to drop out, forcing the government to cancel the March 25 auction.

Poletto also reaffirmed Wednesday that the government planned to sell the aluminum company by the end of June.