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Caracas, April 10, 2026 (venezuelanalysis.com) – The Venezuelan National Assembly unanimously approved a new mining law geared toward attracting foreign investment on Thursday.

Deputies backed the legislation after going through the bill’s 130 articles over four separate parliamentary sessions. A preliminary version was approved on March 9.

National Assembly President Jorge Rodríguez praised the parliamentary special commission that drafted the law and incorporated amendments after consultations, underscoring the bill’s far-reaching impact.

“We have approved a legal text which will undoubtedly become a vehicle for future prosperity,” he said during the legislative session, further promising that “every mineral from the Venezuelan soil will be translated into social welfare.”

Orlando Camacho, a deputy from the pro-government coalition, stated that the law’s objective is to “attract national and foreign capital with legal assurances” as well as “update the regulations” in the mining sector.

Divided into 19 sections, the legislation establishes a regulatory framework for small, medium, and large-scale mining, as well as the state’s prerogative to declare certain minerals strategic and reserve areas for security purposes. It also creates new oversight institutions and a state-run data bank.

Under the law, joint ventures, private corporations, and small-scale artisanal mining groups are allowed to receive concessions that can last up to 30 years and be renewed for two additional 10-year periods. Furthermore, private entities can bring disputes to international arbitration bodies.

Royalties and a mining tax are capped at 13 and 6 percent, respectively. The executive has the discretionary power to reduce them as well as grant additional fiscal incentives. The new law will replace a 2015 decree that imposed state control over mining exploration, as well as the 1999 Mining Law.

Former President Hugo Chávez sought to end foreign mining concessions in the 2000s, instead pushing for a leading state role and to interlink extraction activities to basic industries in sectors such as steel and aluminum.

The Chávez government likewise revoked several concessions from Western mining companies. A number of them, including Canada’s Crystallex and Gold Reserve, went on to secure compensation via international arbitration bodies.

Since 2015, the Nicolás Maduro government turned to mining as a potential revenue source amid escalating US sanctions, particularly in the 112,000 square-kilometer Orinoco Mining Arc. Nevertheless, the sector was targeted by unilateral coercive measures, while the proliferation of irregular mining groups has generated environmental concerns.

Venezuela possesses vast proven reserves of gold, iron, and bauxite, as well as lesser quantities of copper and nickel. Analysts have also drawn attention to Venezuela’s significant reserves of coltan in addition to unconfirmed rare earth deposits.

The approved legislation will be reviewed by the Venezuelan Supreme Court before being enacted by Acting President Delcy Rodríguez. On Thursday, the Venezuelan leader praised the new law as “a fundamental instrument to modernize and improve mining” in the Caribbean nation.

“This law strengthens legal security, attracts investment, and will boost our mineral wealth toward national development,” she wrote on social media.

Rodríguez first announced the mining reform during a visit by US Interior Secretary Doug Burgum in early March. Burgum, who holds the natural resource portfolio in the Trump administration, came to Venezuela with more than 20 mining executives from US and Canadian conglomerates. He praised Venezuela’s mineral wealth and potential opportunities for Western corporations.

US companies Caterpillar and Hartree Partners, alongside Canadian counterparts Gold Reserve and Lundin Mining, were among the firms to send representatives to Caracas with Burgum. Canada’s Roland Mineral Enterprises recently announced plans to “aggressively seek out and acquire interests in Venezuelan mineral properties,” singling out its interest in Las Cristinas gold project, which is estimated to contain over 14 million ounces of gold.

In late March, the Trump administration issued three general licenses to facilitate Western conglomerates’ participation in the Venezuelan mining sector. 

The US Treasury sanctions waivers allow transactions with Venezuelan minerals, the provision of technology and services, and contract negotiations with Caracas. However, it mandates that corporations secure a special license before enacting contracts.

Washington’s licenses block transactions with entities from China, Cuba, Iran, North Korea and Russia. They additionally require that all Venezuela-bound revenues be deposited in accounts run by the US Treasury. A similar arrangement is presently in place regarding Venezuelan oil revenues, which are controlled by the Trump administration and released back to Caracas at the White House’s discretion.

The new mining law follows a recent pro-business overhaul of Venezuela’s Hydrocarbon Law, granting private conglomerates significant control over operations and sales, reduced fiscal responsibilities, and the possibility of taking disputes to international arbitration.

On Wednesday, Acting President Rodríguez announced several upcoming legislative projects to reform the South American country’s tax, labor, pension, and housing regulations.

Edited by Lucas Koerner in Fusagasugá, Colombia.

Caracas, March 25, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez has reiterated calls for foreign investment in the Caribbean nation.

Addressing the FII PRIORITY Miami Summit, Rodríguez showcased Venezuela’s economic growth and lauded the investment opportunities in the country’s vast oil, natural gas, gold, and other mineral resources. The Venezuelan leader highlighted the recent pro-business overhaul of the country’s Hydrocarbon Law and other upcoming reforms as key in generating “flexibility,” “guarantees,” and “security” for investors.

“The new Hydrocarbon Law creates important mechanisms for private sector control over production and commercialization,” Rodríguez said in her video message from Caracas. “It also creates flexible fiscal arrangements and establishes alternative conflict-resolution processes such as international arbitration.”

The acting president added that 64 percent of the price of a barrel is up for “negotiations with investors” in terms of reduced royalties and taxes, as well as dividends. 

Approved in late January by the Venezuelan National Assembly, the new Hydrocarbon Law allows the executive to reduce taxes and royalties at its discretion. The reform also grants expanded control to private corporations, curtailing the state’s sovereignty over the industry established under Hugo Chávez under the 2001 Hydrocarbon Law and subsequent reforms.

In her remarks, Rodríguez urged “de-ideologization,” vowing, “regardless of different [political] views, a favorable climate can be created so that investors have the mechanisms so that their investments foster returns.” She added that she has met with representatives from 120 multinational corporations since January. 

“Our reforms are a call for investors to participate,” Rodríguez stated. She went on to press for greater Latin American economic integration and for an end to unilateral sanctions against Venezuela, though she refrained from mentioning the US by name.

The Future Investment Initiative (FII) Institute is a non-profit run by Saudi Arabia’s Public Investment Fund and holds regular conferences bringing together business executives, analysts, and political leaders.

Rodríguez’s participation in the Saudi initiative came amid unprecedented energy market volatility as a result of the US and Israeli war against Iran. In spite of strong Venezuelan ties with Iran over the past 25 years, the Rodríguez administration has not taken a firm stance on the conflict, having published and later withdrawn a controversial statement. Caracas expressed solidarity with Qatar and the UAE after Iran retaliated against US military assets in the region.

The Venezuelan leader’s Wednesday message to investors in Miami followed a meeting with business executives at Miraflores Presidential Palace on Tuesday. The companies represented were not disclosed, though Houston-based oil giant Exxon Mobil has confirmed it has a team in Caracas “looking to assess the state of the resource that’s there.”

Rodríguez delivered a similar pitch hailing Venezuela’s natural resource potential and the prospects for foreign conglomerates opened by ongoing reforms. She appealed for the full lifting of sanctions, arguing that US Treasury licenses hurt investor confidence.

Since January, the Trump administration has issued a number of sanctions waivers allowing Western entities to engage with the Venezuelan energy and mining sectors. The licenses block transactions with companies from China, Cuba, Iran, North Korea, and Russia.

Additionally, the Treasury exemptions mandate that all royalty, tax, and dividend payments destined for Venezuelan state entities be deposited in US-run accounts. Washington currently controls Venezuelan oil proceeds, having returned a reported US $500 million, out of an initial $2 billion agreement, to Caracas.

On Tuesday, Rodríguez likewise announced the imminent departure of a Venezuelan diplomatic mission to Washington. Félix Plasencia, slated to become the country’s ambassador to the US, will lead the delegation.

“Our delegation will manage this new stage of diplomatic relations and dialogue between our two countries,” she affirmed.

Caracas and Washington fast-tracked a diplomatic rapprochement in the wake of the January 3 US attacks against Venezuela and kidnapping of President Nicolás Maduro and First Lady Cilia Flores. The two governments reestablished diplomatic relations in early March after a seven-year hiatus. The Trump administration went on to recognize Rodríguez as Venezuela’s “sole leader” days later.

Rodríguez, who had served as vice president since 2018, assumed the presidency in an acting capacity on January 5 with the endorsement of the Venezuelan National Assembly and Supreme Court, which declared Maduro’s absence as temporary.

Maduro and Flores pleaded not guilty to charges including drug trafficking conspiracy and will have a court hearing on Thursday. US officials have not presented evidence to sustain reiterated “narcoterrorism” accusations against Venezuelan leaders, while data from specialized agencies has found Venezuela to play a marginal role in global narcotics trafficking.

Edited by Lucas Koerner in Fusagasugá, Colombia.