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On 18 August 2011, the Presidency of Venezuela announced its intention to expropriate the domestic gold industry. The Venezuelan President Hugo Chavez has signed the necessary decree on 23 August 2011. The latter was published on the Official Gazette of September 16th 2011.
According to the law, all future extraction of gold reserves shall be reserved to government enterprises. Private companies currently operating in this business shall be converted into mixed enterprises of which the government holds at least 55 percent.
Future sale or purchase of gold is the sole responsibility of the government and its entities. Besides, the government is entitled to 13 percent of all revenues associated with gold extraction.
Furthermore, gold reserves that belong to Venezuelan persons shall be repatriated if currently stored outside the Bolivarian Repulic.
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