Venezuela set for new mining law
A new mining law is expected to be passed in Venezuela next month which could lead to greater cooperation between mining companies and the government, it has emerged.
Rodolfo Sanz, the minister of basic industries and mining, said that if the new legislature is implemented, it will lead to more joint ventures between the government and businesses in the sector, according to the Calgary Herald.
This comes as the closing date for a deal between Hecla Mining Company and Rusoro Mining has been extended to give regulators extra time to approve it.
Under the agreement, Rusoro will buy Hecla Mining's subsidiaries that work in mining and exploring gold in Venezuela.
With the Economist reporting that Venezuela's economy experienced "double-digit growth" from 2004 to 2006, property buyers may be interested in Venezuelan off plan property investments.
Margarita island property may be a particularly appealing option, since property prices there is expected to increase in value by 15 to 20 per cent each year over the next two to five years.
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