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Venezuela

Regulatory Risk Rating

Severe
Regulatory Risk

Regulatory Corruption Risk

Extremely High
Regulatory Corruption Risk

Corruption Exposure Risk

Extremely High
Corruption Exposure Risk
Regulatory Risk Rating Factors Risk Level
1st Come / 1st Serve Subscribe
Application Critiera Subscribe
Duration Subscribe
Right to Renew Subscribe
Competing Licences Subscribe
Mineral Coverage Subscribe
Right to Mine Subscribe
Criteria for Mining Rights Subscribe
Tenure Subscribe
Surface Rights Subscribe
Government Take Subscribe
Transfer Rights Subscribe
Change of Control Subscribe
EIA Process Subscribe
Power to Revoke Subscribe
Age of Legislation Subscribe
Other Factors Subscribe

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.

Contents

Regulatory Risk Rating

Severe
Regulatory Risk

Regulatory Corruption Risk

Extremely High
Regulatory Corruption Risk

Corruption Exposure Risk

Extremely High
Corruption Exposure Risk