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Venezuela To Establish New Mining Policy

Venezuela's government will complete a review of mining contracts and concessions

Venezuela To Establish New Mining Policy

Venezuela's government will complete a review of mining contracts and concessions by year-end and new policies for the sector will go into effect on Jan. 1, Mining and Basic Industries Minister Victor Alvarez said on Thursday.

"The new mining policy goes into effect on Jan. 1, 2006, and all the work we are accelerating right now is to have the announcement ready for the end of the year," Alvarez said before a meeting between Venezuelan and Iranian industrial ministers.

"It will be a year-end message ... We will talk about the review we carried out on the concessions, the review we did on the contracts and all the decisions we have taken with respect to them," he said.

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