Italian investors agree with Mibam exploit coal in Anzoategui


Caracas, Oct 28. ABN .- The intention to explore and exploit coal deposits in mining areas Fila Master II and III Fila Maestra, located in the municipality of Manuel Bruzual Anzoategui state, it became apparent in a memorandum of understanding signed between the National Mining Company (EMN) The Ministry of People's Power for Basic Industries and Mining (Mibam), and the company of Italian origin Energy Coal.

According to information provided by the aforementioned ministerial body, the chairman of the National Mining Company, Oscar Roa, recently explained that the Mibam granted to the company in charge of these concessions to the coal mining and opencast coal mining Underground, in order to exploit them together with the private sector.

"The Venezuelan State is very interested in the rational and sustainable exploitation of coal beds and through the MND intended use of these minerals," he said.

As a policy of the Venezuelan State to promote foreign investment through the Mibam, was considered the offer made by an Italian group called Coal Energy, parent of a company that was formed in Venezuela for several years, it is the Italian consortium: Charcoal of Bruzual, whose experience in terms of coal extraction, is recognized worldwide, said.

In this regard, he indicated that analyzed the references of the company, the National Executive decided to make a strategic partnership through a contract transaction.

Roa said that the Venezuelan State will have a direct involvement in the production process, together with communities and the private investor, also said that the issue of income distribution will be much more advantageous, as it was driving past.

The project which is formed is required to cancel the tax from 3% per mining, and additionally, the Venezuelan state will receive 40% of net income, which produce 20% will be allocated to communities, the rest of the the profits will be acquired by the private investor, bearing in mind that any investment will be in charge of that sector.

"Here we see what are the advantages that will direct the Venezuelan State with the contract miner and this will become an example to follow for any other project in the sector," he said.

Once the President gives the go-ahead, immediately the state enterprise and private investors will begin operations related to environmental impact studies, while seek permits affection of the territory to the Ministry of People's Power for Environment.

He also underlined that will begin exploratory studies in the area required for mining projects and the respective analysis of technical and financial feasibility.

Roa said that the signing of the contract for operation with the Italian company will be in a period no longer than 30 days.

For his part, the general manager of the Italian company Energy Coal, Antonio Peng, reported that this project will work with communities as far as reforestation and environmental monitoring.