Venezuela Opens Mining Sector to Foreign Investors

Venezuela’s National Assembly has unanimously passed legislation to open the country’s tightly controlled mining sector to foreign investors, marking a major economic shift under interim President Delcy Rodríguez. The bill, now awaiting her signature, will expand private and foreign participation in extracting strategic minerals.

The reform focuses on modernizing Venezuela’s vast gold reserves while inviting investment in rare earth elements, bauxite, iron, coal, copper, nickel, and coltan. Lawmakers say the move is aimed at diversifying revenue streams and reducing reliance on crude oil.

The measure follows the capture of former President Nicolás Maduro by the US earlier this year and builds on January’s overhaul of the Organic Hydrocarbons Law, which eased restrictions in the oil sector to attract foreign cooperation.

Officials argue the mining reform will integrate Venezuela’s mineral wealth into the global economy and strengthen ties with international markets.

Source: Newstimehub