The new law on mining will be enacted by means of the special powers granted by the National Assembly to President Hugo Chávez in order to issue decree-laws, said Mines Vice-Minister Iván Hernández.

The legal amendment has been postponed for years. In the meantime, multiple companies, such as Canadian Crystallex, await the permits to embark upon ambitious projects, Reuters reported.

"The draft includes novel issues which will somewhat set the guidelines for the companies operating in the mining sector in Venezuela," said Hernández in a press release.

The official explained that the draft set forth a new scheme on oversight, monitoring, tax collection and marketing of minerals.

According to the instrument, licenses supersede concessions.

Crystallex has been waiting for an environmental permit to develop the huge gold field of Las Cristinas. Corporate executive officers hope that the draft will not endanger the project.