🚨Breaking-Venezuela Moves Forward with New Mining LawVenezuela’s National Assembly, dominated by the ruling socialist party, has given preliminary approval to a landmark mining law aimed at attracting U.S. and international investment. The proposal repeals a 1999 regulation and introduces longer concession periods—extending them from 20 to 30 years—while keeping mineral ownership in state hands. The new framework also allows international arbitration for disputes and revises tax structures to encourage private participation.The move comes shortly after U.S. Interior Secretary Doug Burgum’s two-day visit to Caracas, accompanied by over two dozen American mining and minerals companies. Burgum described the visit as a turning point, signaling billions of dollars in potential investments and the creation of thousands of high-paying jobs. Following the visit, Washington authorized certain gold-related transactions involving Venezuela’s state-owned Minerven.Opposition lawmakers criticized the rushed process, claiming the bill was distributed minutes before the vote, though Assembly President Jorge Rodriguez dismissed the complaints. The mining reform echoes Venezuela’s recent oil-sector liberalization but faces challenges including unresolved debts to foreign firms and widespread illegal mining. Despite hurdles, the new legislation marks a major shift toward reopening Venezuela’s resource sector to global investors.
