US EditionVenezuela approves mining law to encourage foreign investment
Legislation opens vast mineral reserves to private and foreign investment, establishing concession caps and regulating mineral rights to encourage capital inflow.
- On Thursday, Venezuela's National Assembly unanimously approved a mining law opening vast mineral reserves to private investment, capping concessions at 30 years and establishing independent arbitration to protect foreign interests.
- This legislation builds on the 2016 designation of more than 10% of Venezuelan territory as a mining development zone, aiming to end 26 years of state control over the economy amid ongoing US pressure.
- Despite the new framework, criminal groups and complicit military officers profit from illegal mining operations; the bill introduces prison penalties and asset seizure to deter such illicit activities.
- Foreign investors remain cautious due to the government's history of seizing assets two decades ago, even as sources estimate Venezuela's gold production averaged $2.2 billion annually over the past five years.
- Mandatory review by the country's high court awaits the law to determine constitutionality, following high-level engagement from US Interior Secretary Doug Burgum, who visited Caracas to encourage mining sector liberalization.
106 Articles
106 Articles
The National Assembly (AN, Parliament) deepened Venezuela’s economic opening of the last three months. The legislators of the ruling party and the opposition again raised their hands together as had happened with the Hydrocarbon Law. This time the new regulations that will regulate mining activity was approved. Although it maintains ownership of the deposits held by the State, private capital will have many more prerogatives so that before Janua…
Venezuelan Lawmakers Approve Mining Bill to Lure Investors
Venezuelan lawmakers on Thursday approved a bill to regulate the country's mining as it seeks to attract leery foreign investors to a once private industry that has long been exploited by criminal groups with ties to the government.
In Venezuela, the government is adopting a new law to open the mining market to foreign investment. The law was unanimously passed on Thursday, April 9th by the Venezuelan Parliament. The United States is putting pressure on Delcy Rodriguez's interim government, after capturing Nicolas Maduro last January. The interim president has already opened the huge oil industry to private and foreign investment. It is now the turn of its vast mining reser…
Venezuela approves new law to open mining to foreign investors
BOGOTÁ, Colombia — The Venezuelan National Assembly on Thursday approved a new law meant to modernize the country’s decrepit mining industry and lure private companies to excavate Venezuela’s untapped riches of gold and critical minerals.
Coverage Details
Bias Distribution
- 47% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
