The entity has been in operation for 190 years and was under the ownership of transnational corporations. In 1999, the government introduced legislation that empowered the state to take control of all mining activities and use the proceeds to benefit the people of Venezuela. The company is now controlled and overseen by the Ministry of Mining. It produces gold and all proceeds are forwarded to the Central Bank of Venezuela. The entity employs 2 300 workers and has 51 000 hectares of land for mineral exploration.