Venezuela Mining Industry Modernization Law

planned

The Venezuelan National Assembly approved a new law to modernize the country's mining industry and attract private companies to exploit Venezuela's untapped mineral resources, including gold and critical minerals. The law aims to provide legal and political security to investors, allow mining licenses up to 30 years, enable arbitration for contract disputes, and create oversight entities including a specialized unit within the National Guard to police mining areas. The law overturns previous restrictions such as mandatory gold sales to the central bank and state partnerships.