Venezuela’s Ruling Party Approves Mining Law to Attract Foreign Investment Amid US-Backed Reforms

TLDR:

• Venezuela’s ruling party passed a mining law opening gold, diamonds, and rare earths to foreign firms.
• The US issued a gold transaction license for Minerven after Interior Secretary Burgum’s Venezuela visit.
• Venezuela’s new mining law extends concessions to 30 years and introduces international arbitration clauses.
• Despite active sanctions, the US selectively supports Venezuela’s economic reforms under Acting President Rodriguez.

Venezuela’s ruling party-controlled National Assembly approved a mining law on Monday, March 9, 2026, in an initial vote.

The law is expected to open the country’s mining sector to private and foreign investment. It marks the latest move in a growing package of US-backed economic changes.

This comes even as Venezuela continues to operate under existing international sanctions. Acting President Delcy Rodriguez has driven these reforms since January 2026.

The US, under President Donald Trump, has actively supported Rodriguez’s economic restructuring efforts. Trump has publicly praised Rodriguez on multiple occasions for cooperating with American interests.

US-Backed Reforms Drive Venezuela’s Mining Sector Opening

The mining law is part of a broader US-supported economic reform package in Venezuela. It follows a recent oil reform that lowered taxes and expanded the autonomy of private producers.

Rodriguez described the oil reform as a direct model for the new mining changes. Both reforms reflect a coordinated effort to attract international capital into Venezuela’s economy.

US Interior Secretary Doug Burgum visited Venezuela last week and expressed strong support for the law. He stated the reform would create real opportunities for companies operating in the region.

Rodriguez also promised Burgum that investor security would be maintained across mining operations. Trump has repeatedly praised Rodriguez, reinforcing Washington’s backing of these economic moves.

The day after Burgum’s visit concluded, the US issued a license authorizing certain Venezuelan gold transactions. The license permitted dealings with state-owned mining firm Minerven and its subsidiaries under set conditions.

All contracts under this authorization must be governed by US law. This sequence of events reflects a tightly coordinated approach between Caracas and Washington.

Despite ongoing sanctions, the US has selectively opened pathways for Venezuelan resource transactions. The gold transaction license shows Washington is willing to facilitate investment under specific terms.

This approach allows the US to maintain pressure while supporting selective economic engagement. It also signals a shift in how the two governments are managing their relationship.

Ruling Party Pushes Law Through Legislature Against Opposition Concerns

The ruling socialist party used its legislative majority to pass the initial vote on Monday. The draft law repeals a 1999 mining regulation and extends concessions from 20 to 30 years.

Foreign and domestic companies will now be permitted to exploit gold, diamonds, and rare earths. Mineral deposits remain state property under the new legal framework.

Disputes between investors and the state will be resolved through international arbitration. New tax calculations for mining projects are also introduced within the draft.

These provisions are designed to make Venezuela more attractive to international mining companies. Venezuela currently owes billions to firms such as Crystallex, Gold Reserve, and Rusoro Mining from past nationalizations.

At least one opposition party abstained, saying lawmakers received the draft just before the session. They argued there was no adequate time to properly review the proposed legislation.

Assembly President Jorge Rodriguez rejected the complaint, saying all members received the draft simultaneously. The law still requires two debates before it can formally pass, though approval remains widely expected.

Rare earth exploration has not yet confirmed any reserves within Venezuelan territory. These 17 metals are critical for clean energy and technology manufacturing industries globally.

If reserves are confirmed, Venezuela could attract significant foreign mining investment. For now, the law lays the legal groundwork ahead of any future exploration findings.

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