Ha! Fooled you all. It's just a repost of my translation of art 7 of the Mining Act, only this time you get my commentary.

First of all, this didn't provoke any discussion, which is strange, since it goes right to the heart of what this is about: Property Rights.

In short, we don't have any now. Read the article. It also doesn't mention who owns the surface rights. Well, I guess we know who that would be. The State. Who else? Fortunately, we can sell or mortgage the "property" - if we can find someone willing to accept the lack of clear title and legal recourse that is. Any takers? Barrick perhaps?

Then there's the part about how reserves become "securities". What's up with that? You mean we get a ticker symbol? On what exchange? Or maybe they're more like bonds? Vague. Very vague.

This was the worst I could find, but it's bad enough I'd say. Put it together with the other article I posted on land expropriation and draw your own conclusions.

And please. Don't shoot the messenger. I just report this stuff. Only someone really clueless could actually "think" of it, much less put it into practice.

ebear

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Changes to Art. 7. ebear translation - not a legal document.

Old Art. 7

Art. 7 .- Mining concessions. The mining concession
is a real property right distinct and independent from
ownership of the land in which it is found, although
both belong to the same person.
The real right emanating from the mining concession
is enforceable against third parties, transferable and
transmisible; open to mortgage and, in general, any
act or contract, except the constitution of family property.

Buildings, facilities and other objects permanently
affecting its operation are considered accessory
property of the concession.
The mining concession is open to material division
or accumulation, within one mining hectare minimum,
and 5,000 mining hectares maximum, per concession.

New Art. 7

Art. 7 .- Mining concessions. The mining concession
is a limited property right, whose assignment is
subject to the rights of authorization of the Ministry
of Industry.
The limited real right emanating from the mining concession
is enforceable against third parties, transferable and
transmissible; open to mortgage and, in general, any
act or contract, except the constitution of family property
[subject to] prior authorization of the state through the
National Directorate of Mining. Mining Titles will have
the category of securities, once their reserves are certified.

Buildings, facilities and other objects permanently
affecting its operation are considered accessory
property of the concession.
The mining concession is open to material division
or accumulation, within one mining hectare minimum,
and 5,000 mining hectares maximum, per concession

No natural or juridical person may maintain a concession
for more than two years from granting of mining title
without making investment in exploration with a minimum
equivalent to U.S. $ 100.00 per mining hectare. The investment
must be justified by the respective statement to SRI.

missing or redacted from the old article:

The mining concession is a real property right distinct
and independent from ownership of the land in which it
is found, although both belong to the same person.

***

ebear