Venezuela approves mining law for foreign investors

Ankara (ANTARA) - Venezuela’s National Assembly has approved a law opening the mining sector to foreign investors. The move on Thursday (9/4) indicates a change in economic policy under the interim government of President Delcy Rodriguez. The draft law now awaits final signing and aims to expand the role of private and foreign companies in managing strategic mineral resources. The regulation focuses on modernising the country’s gold reserves while opening investment opportunities in other resources such as rare earth elements, bauxite, iron, coal, copper, nickel, and coltan. Parliament members described this reform as a step to integrate Venezuela’s mineral wealth into the global economy and diversify the nation’s revenue sources. The reform comes after a series of legislative changes by the transitional government following the capture of President Nicolas Maduro by the US. The move also follows the revision of the hydrocarbon law in January, which aimed to relax restrictions and increase cooperation with foreign companies in the oil sector.