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U.S. Interior Secretary Doug Burgum speaks alongside Venezuela's interim president, Delcy Rodríguez, after their meeting at the Miraflores Presidential Palace in Caracas, Venezuela, on March 4, 2026.the new legislation last week during a visit from U.
S. Interior Secretary Doug Burgum alongside mining executives and urged parliament to act “swiftly.” “This law will increase all the legal guarantees that can generate confidence and attract national and foreign investment,” said Orlando Camacho, a congressman from the ruling PSUV-led bloc, during the legislative session. Camacho added that the bill is adapted to the Caribbean nation’s “present needs” and aims to take advantage of the country’s vast mineral riches, mostly located in the country’s Southeast. Monday’s vote was endorsed by the pro-government legislative majority. Opposition deputies abstained, complaining that they received the draft less than one hour before the parliamentary session. The text will be subject to consultations and proposals before being put to a second and definitive vote in the coming weeks.Consisting of 126 articles split into 19 sections, the bill establishes regulations for small, medium, and large-scale mining, as well as the state’s ability to declare certain minerals as strategic and reserve areas for security purposes. It also creates a “social fund” to support mining workers, an oversight superintendency, and a state-run data bank. Concerning mining activities, the proposed law establishes that joint ventures, private corporations, and small-scale artisanal mining groups are allowed to receive concessions. The new law will replace a 2015 decree that imposed state control over mining exploration, as well as the 1999 Mining Law. The legislation establishes concessions of up to twenty years that can be renewed for two additional ten-year periods. The issuing of contracts is the responsibility of the Ministry of Ecological Mining Development and will not require National Assembly approval. Corporations are also entitled to several tax breaks, likewise granted at the ministry’s discretion, and can take disputes to international arbitration outside the Venezuelan court system.” laws to attract U.S. investors in the wake of the January 3 U.S. military strikes and kidnapping of President Nicolás Madurothe arrival of U.S. $100 million worth of Venezuelan gold as part of a deal involving Trafigura to export up to 100 tons of gold doré bars worth approximately $165 million.) allowing U.S. entities to purchase, transport and resell Venezuelan-sourced gold but mandating that proceeds be deposited in U.S. government-run accounts before being returned to Venezuela under conditions dictated by the White House. The sanctions waiver additionally blocks transactions with companies from Cuba, Iran, Russia, and North Korea, and bans involvement in exploration and refining activities.of gold, iron, and bauxite, in addition to lesser quantities of copper and nickel. Analysts have also drawn attention to Venezuela’s significant reserves of coltan, which has important military, aerospace, and electronics applications, as well as unproven deposits of rare earth minerals.in the 2000s, pushing instead for the state to play a leading role and link extraction activities to its basic industries in sectors such as steel and aluminum.Since 2015, the Nicolás Maduro administration looked to mining as a potential revenue source amid escalating US sanctions, particularly in the 112,000 square-kilometer. Nevertheless, the sector was likewise hit by unilateral coercive measures, while the proliferation of irregular mining groups has generated environmental concerns.The devastating American and Israeli attacks have killed hundreds of Iranians, and the death toll continues to rise.It’s up to us to report the truth, demand accountability, and reckon with the consequences of U.S. militarism at this cataclysmic historical moment. Trump may be an authoritarian, but he is not entirely invulnerable, nor are the elected officials who have given him pass after pass. We cannot let him believe for a second longer that he can get away with something this wildly illegal or recklessly dangerous without accountability.Share via Twitter This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.Truthout is working overtime to bring you the latest on Iran. In deep opposition to Trump's militarism, we are producing media of truth and accountability in this moment of crisis. We ask for your support. Please make a tax-deductible donation today.
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