GL-55

Summary

General License No. 55 authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that relate to negotiating and entering into contingent contracts for new investment in Venezuela's minerals sector, including the gold sector. The license covers dealings with the Government of Venezuela, Minerven, and entities in which Minerven holds a 50% or greater interest. Any contract entered into under this license must be made expressly contingent upon separate OFAC authorization before performance. Prefatory steps such as due diligence and assessments are also authorized.

Authorized activities

• Negotiating contingent contracts for new investment in Venezuela's minerals sector
• Entering into contingent contracts for new investment in Venezuela's minerals sector, including the gold sector
• New exploration activities in Venezuela's minerals sector
• Development activities in Venezuela's minerals sector
• Mining activities in Venezuela's minerals sector
• Extraction activities in Venezuela's minerals sector
• Processing activities in Venezuela's minerals sector
• Refining activities in Venezuela's minerals sector
• Production activities in Venezuela's minerals sector
• Expanding existing operations in Venezuela
• Forming new joint ventures or other entities in Venezuela related to minerals sector activities
• Conducting commercial due diligence and assessments
• Conducting legal due diligence and assessments
• Conducting technical due diligence and assessments
• Conducting safety due diligence and assessments
• Conducting environmental due diligence and assessments

Conditions

Performance of any contract entered into under this license must be expressly contingent upon separate OFAC authorization. The license does not authorize 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. It also does not authorize unblocking of blocked property or transactions involving blocked vessels. Compliance with other federal agency requirements, including the Department of Commerce's Bureau of Industry and Security, is still required.