Venezuelan lawmakers began debating a mining bill on Monday aimed at attracting foreign capital to the country's struggling industry. The proposed legislation, introduced by acting President Delcy Rodríguez, seeks to generate confidence among international investors, many of whom lost assets through expropriations decades ago.
The bill mirrors a recent oil-industry reform that opened the door to privatisation, moving away from the socialist policies that have governed the country for over two decades. It comes after pressure from the Trump administration, following the US military's removal of former President Nicolás Maduro in January. Rodríguez announced the measure during a visit by US Interior Secretary Doug Burgum to Caracas last week.
Venezuela is rich in critical minerals such as gold, copper, coltan, bauxite, and diamonds, which are essential for technology and electric vehicles. The bill regulates mineral rights, establishes mining categories, and allows independent arbitration of disputes—a key safeguard against future expropriation. It also bans senior officials from holding mining titles.
Lawmaker Félix Freites said the restoration of US-Venezuela relations has led major mining corporations to consider investing in the country. However, Venezuela's mineral-rich areas have long been controlled by illegal groups, with officials and the military benefiting from unregulated mining. The US recently issued a sanctions license authorising dealings with state-owned gold mining company Minerven.
