Mibam with Russia and China for mining revival in 2009
November 10, 2008

The Russian Federation and the People's Republic of China will
participate in joint projects with the Venezuelan State for the
exploitation of minerals, as expressed in the document Policies
Concerning the Mining Sector ", prepared by the Ministry of Basic
Industries and Mining.

According to the document, Russia and China are the nations with
which the Government is bound to promote cooperation and exploitation of mineral resources and ensure the use and transfer of environmentally sustainable technologies.

The official guideline itself with the announcement last week by the head of Mibam, Rodolfo Sanz, in connection with the picks of the Las Cristinas gold mine, the largest in the country, and its delivery to the company Rusoro. The signing of the Russian capital already operating in the country, specifically in the Choco 10 mine and Isidora, which are located in El Callao, Bolivar State.

The Chinese until recently operated the mine Sosa Mendez of El
Callao, through the company Shandong Gold, but returned the deposit to the State after labor problems.

Veda in Imataca.
Another of the guidelines contained in the plan's working Mibam for the mining sector has to do with the management of the territory of the south. It confirms that the Imataca Forest Reserve and the Caroni River will be restricted areas for mining activities.

To ensure the ban, the office will promote "the issuance of a decree to expire and cancel mining concessions and contracts" which are located in these two regions of the state of Bolivar.

The importance attached to the Mibam mining development is checked with the revised draft Law on Budget, in which 18,858,142 Bs are for activities that would favor a strong revival in the sector, as well as the strengthening of control, with the idea of minimizing the environmental impact of the exploitation of minerals.

Low investment.
The Venezuelan Mining Chamber, at its annual assembly in 2008,
produced a document that raises the position of the private companies about the actions to be taken to ensure the responsible use of mineral resources.

As for the new Law on Mines that produces the Mibam, the camera holds that it is unnecessary to change the status because the current legislation "provides the tools for the executive to develop their programs on any scale miners; the existing Act already allows the developing projects under the concept of joint ventures in specific cases, without which the system of majority rule is mandatory; may also take the state controls on matters of national interest that it considers even with a minority equity stake, or by calling his stewardship of approval under a qualified majority. "

Camiva also referred to the role played by the Ministry of
Environment, as the agency responsible for granting permits for
development projects. The environmental clearance, according to the camera, should not slow the progress of plans designed for companies in the sector, "rather it should serve as facilitator of sustainable and responsible development, because the brake and limitations on large mining projects, would be practically with Minamb the resignation of its power and obligation to allow economic development under environmental standards attached to the law. "

According to Camiva, the Executive announced that it would invest in the mining sector, for the next five years (2008-2013) 1,900 million dollars, a figure that the industry finds little to the national
mining can recover. This is to analyze the competitiveness of the
mining investment worldwide was 308,000 million dollars only in 2007, of which 96,000 million were in Latin America. Camiva estimated that Venezuela will require 10,000 million dollars in five years to upgrade its mines and plants that complement the primary process of the minerals extracted

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