February 4, 2005
Venezuelan Mining Ministry to speed up contract awards

(Platts Commodity News) - "The recent creation of a new Heavy Industry and Mining Ministry in Venezuela should speed up the process of awarding mining contracts in the country, Camiven mining chamber president Gilberto Sánchez said.

'To have a ministry that deals strictly with mining has been a longstanding aspiration of the industry,' he said. 'Our expectation is that this will help cut down on bureaucratic red tape and allow foreign investors to obtain their mining contracts much faster than before.'

Before Venezuelan President Hugo Chávez announced the establishment of the ministry a month ago, the country's mining affairs were handled by the now-defunct Venezuelan Energy and Mines Ministry. This meant mining issues were traditionally given secondary status, said Sánchez.

According to the new arrangement, the president of the Corporación Venezolana de Guayana heavy industry holding, Víctor Alvarez, will preside over both the CVG and the newly created ministry".