GL-55

Summary

General License No. 55 authorizes all transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are related to the negotiation of and entry into contingent contracts for new investment in Venezuela's minerals sector, including the gold sector, even when those transactions involve the Government of Venezuela, Minerven, or Minerven-affiliated entities. The authorization covers a broad range of preparatory and contractual activities—such as exploration, mining, extraction, processing, joint-venture formation, and related due diligence—provided that the actual performance of any such contract is expressly made contingent upon a separate OFAC authorization. The license excludes transactions involving persons in Russia, Iran, North Korea, Cuba, or China, as well as the unblocking of blocked property or transactions involving blocked vessels. Compliance with other federal agency requirements, including those of Commerce's Bureau of Industry and Security, is not relieved by this license.

Authorized activities

• Negotiation of contingent contracts for new investment in Venezuela's minerals sector, including the gold sector
• Entry into contingent contracts for new investment in Venezuela's minerals sector, including the gold sector
• New exploration, development, mining, extraction, processing, refining, or production activities in Venezuela's minerals sector
• Expansion of existing operations in Venezuela
• Formation of new joint ventures or other entities in Venezuela related to minerals sector activities
• Prefatory steps including commercial, legal, technical, safety, and environmental due diligence and assessments
• Transactions involving the Government of Venezuela, CVG Compania General de Mineria de Venezuela CA (Minerven), or any entity in which Minerven owns, directly or indirectly, a 50 percent or greater interest, related to the foregoing activities

Conditions

Contract performance must be made expressly contingent upon separate OFAC authorization. Transactions involving persons located in Russia, Iran, North Korea, Cuba, or China (or entities owned, controlled by, or in a joint venture with such persons) are excluded. Unblocking of property blocked under the VSR is not authorized. Transactions involving blocked vessels are not authorized. Compliance with all other Federal agency requirements remains required.