Venezuela’s acting president, Delcy Rodríguez, has announced that the government will soon submit a reform of the country’s primary mining law to the National Assembly, aiming to attract foreign investment and revitalize the nation’s mineral sector.
The proposed reform comes as Venezuela seeks to unlock its vast natural resource potential, including deposits of gold, diamonds, and several strategic minerals. Officials said the updated legislation would introduce measures to streamline regulations and create a more investor-friendly framework for international mining companies.
Rodríguez made the announcement after holding talks in Caracas with U.S. Interior Secretary Doug Burgum, who visited the country with representatives from more than two dozen American mining and mineral companies. The visit signaled growing interest from U.S. firms in exploring investment opportunities in Venezuela’s resource sector.
According to government officials, the revised mining law is expected to allow foreign companies greater access to exploit mineral resources, including precious metals and rare earth elements used in advanced technologies. Authorities hope the reforms will help generate billions of dollars in investment and create new jobs in the country’s struggling economy.
The initiative is part of a broader effort by the Venezuelan government to modernize its energy and resource industries following years of sanctions, economic instability, and declining production. Rodríguez said the government wants the success seen in recent hydrocarbon regulatory reforms to be replicated in the mining sector.
Despite the optimistic outlook, analysts caution that Venezuela still faces challenges in confirming the size of its mineral reserves, particularly rare earth elements, as large-scale exploration efforts remain limited. Nonetheless, the upcoming legal changes are expected to signal a major shift in the country’s strategy to attract international capital and rebuild its mining industry.