People from the industry pose with a copy of the new mining law at Venezuela’s National Assembly in Caracas, Venezuela, on April 9. The law allows foreign investment and was introduced under acting President Delcy Rodriguez after a visit by U.S .Interior Secretary Doug Burgum in early March. Photo by Ronald Pena/EPA
Venezuela’s acting president, Delcy Rodríguez, signed a new mining law and thanked President Donald Trump for his “willingness” to advance bilateral cooperation, signaling a potential thaw in relations between the two countries.
The Organic Mining Law aims to reorganize and modernize the sector to turn it into a sustainable economic driver by attracting private and foreign investment, the government said.
During a signing ceremony broadcast on state television Thursday, Rodríguez also thanked Secretary of State Marco Rubio for what she described as a “willingness in the direction of having diplomatic and economic cooperative relations with Venezuela.”
She said the goal is to build cooperation “adapted to a reality” that supports mutual understanding between both nations.
The measure targets increased investment in mining, which authorities consider key to the country’s economic recovery. Official data cited by Rodríguez showed the sector grew 10.9% last year.
The initiative follows a visit to Caracas by U.S. Interior Secretary Doug Burgum, who said American companies are interested in operating in Venezuela.
Under the new law, domestic and international companies or consortiums may exploit gold and other “strategic minerals” through concession agreements lasting up to 30 years.
The legislation also establishes categories for small, medium and large-scale mining, in an effort to modernize a sector that previously operated largely under state control.
The new framework replaces regulations in place since 1999 and introduces changes aimed at easing restrictions. It includes the creation of a National Superintendency of Mining Activity to oversee investment, production and commercialization processes.
After recent bilateral contacts, the U.S. Treasury Department issued a license allowing American companies to participate in activities related to the extraction and commercialization of these resources.
At the law’s promulgation ceremony, Rodríguez also highlighted the announcement by the International Monetary Fund on resumption of Venezuela’s representation after seven years of suspension since 2019. She thanked Managing Director Kristalina Georgieva, as well as the governments of Brazil, the United Arab Emirates and Qatar for their diplomatic mediation.
The announcements by the IMF and the World Bank Group came during their Spring Meetings, which began April 13 and conclude Saturday in Washington.
