Nicaraguan Assembly approves reform of the Mining Law
The National Assembly approved reforms and amendments to Law No. 387 – Special Mining Research and Development Law, which aims to regulate artisanal and small-scale mining in Nicaragua.
This new reform establishes in Chapter 77 that the powers of the Ministry of Energy and Mines (MEM, for its acronym in Spanish) will be “to authorize and supervise the export of minerals by moneylenders and usurers and dealers of precious metals and/or gems; contracted by artisanal or small-scale miners”. In addition, according to the provisions of the amended Article 39, the MEM will be responsible for “guaranteeing the supply of the aforementioned minerals to artisanal and small-scale miners”.
The reforms created the Fund for the Development and Promotion of Mining to finance and execute mining development activities, including the regulation of artisanal and small-scale mining and the promotion of the use of good environmental practices.