A New Quest for El Dorado in Venezuela?

President Nicolás Maduro announced through a national broadcast on Thursday he was "firing up" the so-called "Mining Engine," which according to the Government will strengthen the national productive apparatus. This "mining engine," one of the 14 engines of the economic agenda of Maduro, will be activated through the National Strategic Development Zone of the Orinoco Mining Arc (Bolívar state), and is part of the Law for the Mining Productive Development 2016-2018, reserving to the State the exploration and exploitation activities of gold and other strategic minerals. In a nutshell, according to the announcement of Maduro, this engine will leverage the exploration and exploitation of the minerals in the region, among others, gold, iron, diamond, bauxite and coltan, taking advantage of the 42,857 square miles of the Orinoco Mining Arc, and where some 150 companies from some 35 countries are supposed to participate. More…