"The new mining law, which repeals the one enacted by former Venezuelan leader Hugo Chavez in 2013, opens Venezuela's mineral-rich subsoil to foreign capital."
"The law authorizes national, foreign, state-owned and private companies or consortia to exploit gold and strategic minerals, with licenses having a maximum duration of 30 years."
"One of the objectives of this legislation is to attract national and foreign capital with legal stability and update the legal framework to meet the country's current challenges."
"The law incorporates the possibility of international mediation and arbitration for conflict resolution, a precaution that companies have requested as a guarantee against expropriations."
The Venezuelan parliament has approved a new mining law that opens the country's mineral resources to foreign investment, repealing the 2013 law by Hugo Chavez. This legislation allows national, foreign, state-owned, and private companies to exploit gold and strategic minerals, with licenses lasting up to 30 years. The law aims to attract investment by providing legal stability and includes provisions for international mediation and arbitration to protect against expropriations. The approval reflects a shift in policy under the Chavista regime, seeking to modernize the legal framework for mining.
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