Venezuela Approves Mining Law for Foreign Investors

JAKARTA - The National Assembly of Venezuela has passed a law that opens the mining sector to foreign investors.

The move on Thursday (9/4) shows a change in economic policy under the interim presidency of Delcy Rodriguez.

The bill is now awaiting final signing and aims to expand the role of private and foreign companies in the management of strategic mineral resources.

This regulation is focused on modernizing the country's gold reserves, while opening up investment opportunities in other resources such as rare earth elements, bauxite, iron, coal, copper, nickel, and coltan.

The lawmaker called this reform a step to integrate Venezuela's mineral wealth into the global economy as well as diversify the country's sources of income.

The reforms come after a series of legislative changes by the transitional government following the arrest of President Nicolas Maduro by the US.

The move also follows a revision of the hydrocarbon law in January aimed at easing restrictions and increasing cooperation with foreign companies in the oil sector.