Acting President Delcy Rodríguez signed the Organic Law of Mines on Thursday for its promulgation, stating that "it will allow us to attract all types of investment, provide legal security to investors, and enable the development of this productive sector of the country."
During a meeting with the Vice President for Economy and Finance, Calixto Ortega, and the Minister of Popular Power for Economy and Finance, Anabel PereiraThe acting president announced the creation of the Superintendency for Mining Activity, in order to regulate the processes contemplated in the new regulation and as a piece for the strengthening of the national productive model.
Rodríguez also asked the Minister of Economy and Finance, Anabel Pereira, to design an investment instrument in the mining sector in conjunction with the country's stock market.
The president emphasized that, together with the public and private stock market and the Ministry of Ecological Mining Development, a Project Bank will be promoted, which will allow projects to be financed through the aforementioned stock market.
Mining sector registers increase of 10.9%
Rodríguez highlighted on Thursday the performance of the mining sector, which registered an increase of 10.9%, contributing to the growth of the national economy, which has accumulated 20 consecutive quarters of expansion.
Following the enactment of the Organic Law of Mines, he noted that these figures reflect sustained growth that positions the country with a productive leadership in the region.
Additionally, he referred to the iron industry, which has reached historic levels through iron exports from the company CVG Ferrominera Orinoco, reaching its highest levels in the last two decades.
After a visit to Bolívar state with the state governor, Yulisbeth García, and deputy Orlando Camacho, Rodríguez instructed the creation of service offices for miners, as well as the formation of brigades so that the more than 150 miners in the nation are organized and served in all their dimensions.
During the ordinary session last Thursday, April 9, the National Assembly unanimously approved the Organic Law of Mines, which includes 137 articles that regulate mining activity in the national territory and national and international investment.
The regulation establishes the basis for the creation of joint ventures; the guarantees of environmental protection and the sustainability of the sector.
The President of the National Assembly, Jorge Rodríguez stated that the Organic Law of Mines is a fundamental tool for organizing, managing, and defending Venezuela's mineral resources. and seeks to ensure that the wealth of the country's soil translates into well-being for the Republic.
Among the provisions established, it is indicated that no official of the Venezuelan State may obtain concessions related to this Law, in addition to contemplating fines in the case that mining activities are carried out in areas under special administration.
The State may reserve for itself the primary activity related to radioactive minerals, as well as the marketing of its products. The governing body will be the Ministry of Ecological Mining Development and Basic Industries, responsible for determining the "necessary parameters" regarding the payment of royalties of up to 13% to the Venezuelan State on the commercial value of the final product.
