Venezuela Advances Reform That Revokes State Control Over Mining Activities

"This law will increase all the legal guarantees that can generate confidence and attract national and foreign investment. The bill is adapted to the Caribbean nation's present needs and aims to take advantage of the country's vast mineral riches, mostly located in the country's Southeast."

"Consisting of 126 articles split into 19 sections, the bill establishes regulations for small, medium, and large-scale mining, as well as the state's ability to declare certain minerals as strategic and reserve areas for security purposes. It also creates a social fund to support mining workers, an oversight superintendency, and a state-run data bank."

Venezuela's National Assembly preliminarily approved a comprehensive mining law aimed at attracting foreign and domestic investment. Acting President Delcy Rodríguez announced the legislation during a visit from U.S. Interior Secretary Doug Burgum and mining executives, urging swift parliamentary action. The 126-article bill, organized into 19 sections, regulates small, medium, and large-scale mining operations while granting the state authority to designate strategic minerals and reserve areas. The law establishes a social fund for mining workers, creates an oversight superintendency, and implements a state-run data bank. The pro-government majority endorsed the preliminary vote, while opposition deputies abstained, citing insufficient time to review the draft. The legislation will undergo consultations before a final vote in coming weeks.

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