Reserve of Gold Activities
The Decree with the Status, Value and Force of Organic Law that Reserves to the State the Activities of Exploration and Exploitation of Gold, as well as their connected and ancillary activities (the “Decree-Law”), was published in the Official Gazette of September 16, 2011. The Decree-Law reserves to the State the activities of (i) exploration and exploitation of mines and gold deposits (the “Primary activities”), and (ii) storage, possession, beneficiation, transportation, circulation, and internal and external commercialization of gold, to the extent that they help exercise the Primary Activities (the “Connected and Ancillary Activities”).
The reserved activities may only be developed by the Republic and by Mixed Companies in which the State has an interest exceeding fifty-five percent (55%) of the capital stock. The concessionaires authorized for the exercise of small mining or the beneficiaries of contracts for gold exploration and exploitation must migrate to a Mixed Company arrangement.
Download File : 2011-09-16-39759-ley-oro.pdf
“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”