Caracas, Wednesday July 30, 2008

Mibam accepts resignation of Hecla to mining rights



The Camorra will be operated by another company (O.Díaz / File)

Please note that this resolution does not absolve the company from tax payments

Minera Hecla Venezolana C.A. submitted to the Ministry of Basic Industries and Mining (Mibam), his formal resignation to the rights of miners extracting gold vein on the Camorra The plot, located in the municipality Sifontes of Bolivar state.

That office decided to accept the resignation of the mining company, as recorded in the Official Gazette 38981 of July 28 of the currents.

Hecla Mining Company recently issued a decision to sell its subsidiaries in Venezuela to the Canadian company Rusoro Mining Ltd., Indicating that the amount of negotiation has been estimated at $ 25 million. The mining shall dispose of its assets in the country, including leases Isidora mines and La Camorra.

This announcement was made public by Hecla on June 20 from its headquarters in Idazo (United States) and then referred it to become effective negotiation requires regulatory approval by the national mining authorities.

The Mibam commented that the Government had discussed the possibility of cancelling the Hecla mining concessions in Venezuela because of a labor dispute that resulted in the interruption of operations at the mine Isidora.

Outstanding items
He noted that this resolution official resignation "does not relieve Hecla Venezolana, identified before the payment of sums due in respect of taxes, fines and default interest, in accordance with Articles 90 and 101 paragraph 1 of the Law on Mines, which must pay for before the Survey and Mining Control of the ministry, according to the liquidation practiced for this purpose. "

The ministry agreed to appoint the tax inspector in El Callao (Bolivar), to "receive land, permanent works, including installations, fixtures and equipment which form an integral part" of those territories miners.

It warns that "this decision may be exercised Reconsideration of Appeal, within a span of 15 days from the notification".

http://politica.eluniversal.com/2008...