Mining Reforms

Venezuelan lawmakers on Thursday approved a bill to regulate the country's mining as it seeks to attract leery foreign investors to a once-private industry that has long been exploited by criminal groups with ties to the government. It is the latest legislative initiative by acting President Delcy Rodriguez since the self-proclaimed socialist government that has ruled Venezuela for 26 years came under pressure from the Trump administration in January, when the U.S. military deposed then-President Nicolas Maduro. The lengthy bill will now undergo a review by the country's high court to determine if it is constitutional. The bill regulates mineral rights, establishes small, medium and large-scale mining categories, and allows for independent arbitration of disputes, which foreign investors view as key to guard against the government seizing their assets. It also bans the president, vice president, ministers, governors and others from holding mining titles. The bill is a "vehicle for

The latest amendments come with the Bharatiya Janata Party-led central government opening up key sec­tors for greater private investment

Centre removes distinction between captive and merchant mines, will amend the Mines and Minerals (Development and Regulation) Act, 1957 to enforce reforms

Private sector likely to get entry into mineral exploration

A large number of comments/suggestions on the proposed reforms have been received by the ministry in response to public consultation notice, which are being examined in detail

Unattractive on downturn in prices but increased exploration will lead to sustained access to minerals