Venezuelan National Assembly Approves New Mining Law to Attract Foreign Investment

The Venezuelan National Assembly has approved a new Organic Mining Law aimed at attracting both national and foreign investments in the mining sector. This decision comes after the U.S. expressed interest in allowing American companies to invest in Venezuela. The law maintains state ownership of mineral deposits while providing independent mechanisms for resolving disputes. Deputy Orlando Camacho highlighted that the law seeks to ensure legal security for investors and modernize the legal framework to address current challenges. This legislative move follows the recent approval of reforms in the hydrocarbons sector, signaling a shift towards increased cooperation with the U.S.

Key Details: • The new law was approved on Thursday by the National Assembly dominated by the PSUV. • It includes provisions for independent dispute resolution for investing companies. • The U.S. government has shown interest in supporting investment reforms in Venezuela.