mramirez@correodelcaroni.com

The National Executive narrow finished off the General Mining Company Venezuela, CA (Minerven) of the Corporacion Venezolana de Guayana (CVG), by ordering the transfer of 100% of the shares held by the National Aurífera Company, SA (ENA), attached to PDVSA Industrial.

The statement was published in Decree No. 1,683, published in the Official Gazette No. 40,631 of March 30, 2015, pointing between the arguments of the share transfer that "it is for the national executive determine and vary the ownership of the shares entities are functionally decentralized public administration, in order to run more efficiently and objectives entrusted to the principle of competition and central planning. "

It will be the ENA, registered in the Commercial Register, December 6, 2013, in charge of protecting the operations and assets of Minerven, whose plants gold processing are located south of Bolivar State and currently show the consequences of disinvestment and government neglect. ENA hitherto existed only on paper.

The National Aurífera Company is a joint venture, with a composition of 60% of shares owned by Petroleos de Venezuela (PDVSA) and 40% held by the Central Bank of Venezuela (BCV). The financial statements of BCV at December 31, 2013, which account for participation in the gold company, indicate that ENA will influence their strategies and business "in line with the objective of strengthening participation in the gold market."

The sale of 40% shares of ENA PDVSA to BCV caused controversy as the transaction sought payment of debt of oil to BCV; but at the end of the operation, allowed him extra funding from the monetary authority to which it sold the stock lot for $ 12 billion, generating upwards of total revenue and profits of an industry that theory was parchment, without structure and functionality .

"This company is very important because PDVSA, through the Corporación Venezolana Mining has awarded the right to protection of more than 92 billion ounces of gold," said then-Vice President Economic Area, Rafael Ramirez, in 2013 According to a note from the Venezuelan News Agency specifying that the joint venture is valued at $ 30 billion and will contribute to "relaunch gold sector in 2014," a desire failed.

According to Ramirez, the formation of this joint venture would make a greater uptake of gold produced in the country, offering a similar rate at which it is handled in auctions of Complementary System Administration of Foreign Exchange (Sicad), in an attempt to attack the illegal trafficking of metal around which has built a criminal structure, which involves not only miners, but criminals and military officials.

Status remains
for now, said a source of the corporation, Minerven still exists as a company, as this decree instructs just a move of his shareholding CVG to ENA.

For the share transfer is realized, he said, should be first a shareholders in CVG and realize the transfer in order to ENA exercises tenure and action representation Minerven. The process, he said, is similar to that followed with Cabelum and Proforca, industries that were subsidiaries of CVG and, by executive action, were attached to the Ministry of Electricity and the Ministry of Agriculture and Lands, respectively.

Once the transfer of shares is executed, it will be a power of the Ministry of Petroleum and Mining the change of name or name, if so desired clearance, as with CVG Edelca when he was assigned to the National Electricity Corporation.

"It still has its own legal personality with different shareholder. What I would change is the name, but the company still has its own capital, the difference is that now reports to ENA "agreed the lawyer and accounting specialist Raul Gil Arias.

What it is eliminated in this case, is the contribution from sales before CVG Minerven should give that to materialize the transfer of shares ends. "All public companies in the Guayana region, the statute creating the Guayana region, passing a contribution of its sales to CVG. All companies have left the group CVG stop paying corporate contribution. "

Although Minerven is not much in income from corporate contributions to CVG, if added to the left to enter the secondment of Cabelum, Edelca and Proforca and, more recently, Sidor and FMO, weakening the accounts of the entity.

Minerven continue intervened
in the same Official Gazette, the Executive issued Decree No. 1,680 with which spans six months Minerven intervention, which was formalized in Decree No. 1071 of June 25, 2014; and designated as members of the oversight board of Minerven Brigadier General Marco Castro Pacheco, in capacity as president; and Edwuard Rojas González Arias Castillo and Valmore as core members.

In turn, the G / B Marco Castro Pacheco was named president and member of the board of the controversial National Company Aurífera.

The intervention that gold has been under state has not yet allowed their productive rebound and the arrival of investments.