According to demands from the USA approved Venezuela future foreign investment in mining. Members of the Venezuelan National Assembly unanimously approved the law, Parliament President Jorge Rodríguez announced. According to the state television broadcaster TeleSur, private foreign investors will be able to open new mining projects in cooperation with state actors in the future.
Venezuela is rich in gold and diamonds, as well as bauxite and coltan – an ore mixture that contains a metal used in cell phones, laptops and other electronics. Just a few months ago, under pressure from the USA state control about the country’s petroleum sector driven back.
Until now, there was a state monopoly on natural resources
“This law strengthens legal certainty, attracts new investments and will promote the development of natural resources in the interests of national development,” said Interim President Delcy Rodríguez via Telegram. The opposition represented in parliament also voted for the law after criticizing the negative consequences for environmental protection during the debate.
Venezuela’s previous mining law of 1999 established an absolute state monopoly on natural resources. However, it is illegal Mining a growing safety and environmental concern in parts of the country.
USA sees “limitless” possibilities
Last month, US Secretary of the Interior Doug Burgum visited Caracas and made it clear that US mining companies wanted to invest quickly in Venezuela. The possibilities for collaboration are “limitless,” he said. The law that has now been passed is part of a series of economic reforms that the US government had called for.
At the beginning of January, US forces had kidnapped and arrested Venezuelan President Nicolás Maduro. Since then, former Vice President Rodríguez has ruled the country. She works closely with the administration of US President Donald Trump together.