Venezuela opens mining sector to foreign investors

Venezuela National Assembly has unanimously approved legislation aimed at opening the country’s tightly controlled mining sector to foreign investors, signaling a notable economic policy shift under interim President Delcy Rodriguez.

The bill, which now moves to Rodriguez for final signature, is designed to expand the role of private and foreign companies in the extraction of Venezuela’s strategic mineral resources, News.Az reports, citing foreign media.

The reform targets the modernization of the country’s significant gold reserves while also allowing foreign participation in other key resources, including rare earth elements (REEs), bauxite, iron, coal, copper, nickel, and coltan.

Lawmakers have described the overhaul as a necessary step to better integrate Venezuela’s vast mineral wealth into the global economy. They argue that the changes are expected to diversify national revenue sources and reduce the country’s long-standing dependence on crude oil exports.

The mining reform follows a series of broader legislative changes introduced by the transitional government after the capture of former President Nicolas Maduro earlier this year by the United States.

It also comes after the National Assembly’s unanimous approval in late January of a reform to the Organic Hydrocarbons Law, which similarly aims to ease restrictions and encourage greater foreign corporate participation in Venezuela’s oil sector.

News.Az 

By Nijat Babayev