Companies spent 50% of its gold production for the domestic market


Caracas, Jun. 17 ABN .- The companies seeking to mine gold in the Republic or which bodies of the National Administration has a direct or indirect participation equal to or greater than 50% of the capital, must spend at domestic market, at least 50% of its gold production.

These rules on the marketing scheme of gold and its alloys have been published in the Official Gazette No. 39201 dated June 16, 2009.

Companies that have been authorized by the competent national authority to sell gold and its alloys, in bars, cast, coins, manufactured or otherwise, shall offer for sale within each calendar quarter, 25% required the Central Bank of Venezuela (BCV) and the other 25% is allocated to domestic processors. These figures are calculated on the weight in kilograms.

While the remaining 50% will be exported, except those cases where companies seeking to export or not they have been denied the same source, this percentage should be offered for sale in its entirety to the BCV.

It is important to stress that any natural or legal person who proposes to undertake export of gold and its alloys, you must obtain permission from the Central Bank of Venezuela (BCV).