Venezuela’s acting government, led by Delcy Rodríguez, has submitted a proposal to reform the country’s mining legislation to the National Assembly of Venezuela, aiming to modernize regulations and attract greater foreign investment into the mineral sector.
The proposed reform is expected to introduce measures designed to streamline regulatory procedures, reduce bureaucratic hurdles, and create a more favorable investment climate for international mining companies. Government officials said the bill seeks to unlock the country’s vast mineral potential, including resources such as gold, diamonds, and rare earth elements.
The announcement came following high-level discussions between Venezuelan authorities and international stakeholders about expanding cooperation in the mining sector. Officials indicated that the reform could open new opportunities for both domestic and foreign firms interested in developing the country’s largely underutilized mineral resources.
Venezuela possesses significant untapped mineral reserves, but production has remained limited due to years of underinvestment, aging infrastructure, and international sanctions. The government believes that revising the mining framework could help revive the sector and diversify the country’s economy beyond its traditional dependence on oil exports.
Lawmakers are expected to debate the reform proposal in the coming weeks, with authorities expressing optimism that updated mining regulations will help boost exploration activities, increase mineral output, and strengthen Venezuela’s role in the global supply of critical minerals.