Legal Framework

摘要

Nicaragua's new Mining Law will soon be instated by the National Assembly. This new law simplifies the administrative procedures of the minerals sector, while maintaining that all resources, both metallic and non-metallic, are the property of the state. The previous complex mining laws raised barriers against the entry of new participants into the mining sector, therefore concentrating activity to a few companies. At the same time, it took excessive time scales to apply for, and be granted, mining concessions. The new Mining Law will rectify these negative aspects and create the basic conditions for raising capital investments in the mining sector. There are five areas in which the country's mining policy is to be modernised, these are: The tax regime has been bought in line with international levels. The allocation of mining concessions has been rationalised, allowing access from private investors. Those aspects of the previous laws that encompass mining methods, systems and procedures are being modernised, simplified or renewed. The legal framework that accommodates the needs of a diverse mining industry is being modernised. Institutions are being established to provide support and supervision to the mining industry.