Under President Chavez (1998 to 2013), Venezuela accelerated state intervention in industry, including within the mining sector. Decree Nos. 8413 (2011), 9368 (2013) and 455 (2013) made manifest the penultimate goal of his political thinking with the expropriation of all gold deposits and certain nickel deposits. Decree No. 8413 begins with the statement that the law is necessary in order to reverse the serious effects of the capitalist mining model, characterized by environmental degradation, disrespect of spatial planning, [and an] attack on the dignity and health of miners and residents of communities near mining areas. Today, one would be foolish to favour Venezuela as a jurisdiction for investment as it is reasonable to assume the economic expropriation of anything of material value.