The government agency in charge of privatisation, the Venezuelan Investment Fund (FIV), did not say in the release when the base price for the privatisation -- widely seen as a key test of the government's reform mettle -- would be announced.

A first sale attempt failed in March when prospective bidders withdrew, citing onerous sales conditions, including an excessive base price of $2.1 billion. "The public act for the offering of bids for Alcasa, Venalum, Bauxilum, and Carbonorca will take place on July 10," the FIV said. An FIV official said the new base price, widely tipped at around $1.7 billion, would be released in the week leading up to the privatisation.

Only two groups of bidders remain registered for the sale. Auction-favourite Billiton of the UK with France's Pechiney and the US's Century Aluminium is in the first. Kaiser Aluminium of the United States leads the second.Two other groups withdrew last week citing legal insecurities and production costs that do not break even with current depressed aluminium prices.