IAMIB promotes industrial mining investments

Monday, March 27, 2006

Venezuela's state mining institute IAMIB is making contacts with investors who are interested in getting involved in Bolívar state's ornamental rocks and industrial minerals markets.

"It's not just that we are trying to promote growth in the sector. We also want to support the local industry to give added value to ornamental rocks," IAMIB president John Armado Madero told BNamericas.

Many investors have shown interest in investing in the industrial minerals sector in the Guayana region, which includes the Bolívar state. "We are inclined to support interested parties by handing over concessions to mine granite, which they can develop," he said.

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In addition, he stressed that the institute is looking into the presence of possible potassium veins in Bolívar state considering that 100% of the potassium used in Venezuela is imported.

"Right now we are performing the chemical analyses to learn the actual characteristics of the potassium and to see if it can be used for agriculture," he explained.

In the region, there also are large veins of dolomite, a calcium-magnesium composition used in the steel industry in the Guayana area.

"Moreover, we are going to promote its use in a product called Fertical which is headed for the agricultural sector, above all for soy production," said Madero.

Fertical would be shipped to the local market for the most part while any surplus would be sent as fertilizer to Brazil, where there is high demand, he added.

IAMIB operates as a decentralized industrial mining regulator in Bolívar state and exercises exclusive control over decorative and construction stones and any other non-precious materials like marble, kaolin, clay, granite, sand, slate and limestone that are found in the area.