Venezuela approves a new mining law aimed at attracting investment under state regulation.
New framework replaces 1999 law and reorganize mineral ezplotation and opens sector to regulated private participation
Venezuela’s acting president Delcy Rodríguez enacted a new Organic Mining Law on Thursday, establishing a legal framework aimed at strengthening economic sovereignty and reorganizing the exploitation of mineral resources.
The signing took place alongside economic and financial authorities, with participation from mining sector representatives in Guayana. Officials state that the law reinforces the state’s regulatory authority while introducing mandatory standards on environmental protection, labor safety and corporate social responsibility.
During the official event, held with a live connection to Bolívar state, Minister for Ecological Mining Development Héctor Silva reported the delivery of heavy machinery to strategic companies. The equipment is expected to support increased production of bauxite and gold at Bauxilum, Minerven and the Mining Industrial Complex (Complejo Industrial Minero, CBM, in spanish).
At the Manuel Carlos Piar plant, mineral sands are currently processed through grinding, leaching and smelting to produce ingots. The government projects double-digit economic growth driven by expanded operational capacity across these industrial complexes.
The National Assembly approved the legislation, which includes 137 articles and replaces both the 1999 mining law and the Gold Law. Assembly President Jorge Rodríguez described it as a “vehicle for the construction of prosperity,” highlighting its consultation process and environmental and social safeguards.
Mining engineer José Luis de Abreu said the law represents a structural shift in the country’s economic model. “The 1999 law maintained a closed state monopoly scheme. The new one, in contrast, is explicitly designed to open the gate to national and international private investment. It is a law of 131 articles that represents a 180-degree turn: it moves from the ‘State as absolute owner’ to the ‘State as regulatory partner’,” he said.
Engineer Luis Prieto said the legislation also incorporates small-scale mining into the formal economy. “It does not only address large transnational corporations. It introduces the figure of mining brigades, a legal framework to formalize artisanal activity that has been dominated by irregularity (…). It is a way to bring small miners out of obscurity and turn them into subjects of rights and duties,” he said.
The government presents the law as part of a broader strategy to attract foreign investment while maintaining state oversight of the mining sector.
Author: MK
Source: Prensa Presidencial /Agencies
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