The President of Venezuela, Nicolás Maduro, granted exclusive rights to the state-owned Venezuelan Mining Corporation (CVM) to carry out exploration and exploitation activities of cassiterite and associated minerals in the Orinoco Mining Arc (AMO), one of the largest mineral extraction areas in the country.
In a broadcast from the National Steel Complex in Caracas, Maduro stated, “Mining rights approved. Let’s move forward in harmony with nature and with indigenous peoples for the integral mining development of the country.” This initiative aims to position Venezuela in the international cassiterite market, essential for obtaining tin, which is widely used in soldering alloys, the ceramics industry, and other technological sectors.
Cassiterite and Its Economic Importance in Venezuela
José Santiago Moreno Martínez, President of CVM, detailed that the exploitation of cassiterite represents a strategic effort in the economic development of Venezuela. So far in 2024, the country has exported 833 tons of this mineral, although the destination countries were not specified. This resource is key to strengthening exports and diversifying the Venezuelan economy.
The Orinoco Mining Arc: Environmental Impact and Challenges
The Orinoco Mining Arc covers an extensive region between the states of Delta Amacuro, Bolívar, and Amazonas and contains vast reserves of minerals such as gold, coltan, diamonds, iron, and bauxite, in addition to cassiterite. However, several human rights and environmental NGOs, such as Provea and FundaRedes, have warned of the potential “irreversible damage” caused by uncontrolled mining exploitation in the AMO, due to intensive mineral extraction.
Maduro recently acknowledged the existence of destructive practices and the influence of mafias in the area, reiterating that Venezuela seeks a productive, ecological, and preservative approach to mining to ensure the sustainability of these protected areas, which include national parks and natural monuments.
Venezuela and Cassiterite in 2024: A Key Resource for Export
The exploitation of cassiterite aligns with Maduro’s strategy to diversify income sources and attract foreign investments through mining. In 2024, cassiterite represents an economic growth opportunity for Venezuela, aiming to position itself in the global mineral market, benefiting the national economy and attracting more investments to the mining sector.
Challenges and Prospects for Mining in the Orinoco Mining Arc
The Orinoco Mining Arc is an area of great economic and strategic importance for Venezuela, but the exploitation of cassiterite and other minerals must confront and overcome environmental and sustainability concerns. The government asserts its commitment to respecting the environment and the indigenous communities inhabiting the region while developing the mining potential of this area.
To closely monitor the development of cassiterite exploitation in the Orinoco Mining Arc and its impact on the Venezuelan economy in 2024, mining experts and industrial sectors will pay attention to the regulations and practices adopted in the country.