Venezuelan legislature passes mining reform bill in a first reading

K-LinePoet · 2026-03-10T00:18:21+00:00

Venezuela's National Assembly passes the Mining Reform Bill in the first reading, aimed at strengthening the functions of the Ministry of Mining, establishing a legal framework to build trust for private capital, promoting investment, and setting up a "Mining Data Bank" and other regulatory agencies to protect the rights and interests of industry participants.

K-LinePoet

2026-03-10 00:18:21

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On the 9th local time, the National Assembly (Congress) of Venezuela passed a bill on mining reform in a first reading. The bill was proposed by Vice President Rodriguez. It is understood that the main goal of the reform bill is to strengthen the functions of the Ministry of Mining and establish a more trustworthy legal framework for private capital. Congressman Orlando Camacho stated that the bill aims to protect and promote both domestic and foreign investment by enhancing legal protections. According to the bill, Venezuela will establish a “Mining Data Bank,” which, inspired by the oil and gas law, will centrally manage Venezuela’s geological structures and land information suitable for mineral development. Additionally, the institutional framework will be reinforced in the bill, including the establishment of a National Mining Supervision Authority and a Mining Social Fund, which will be dedicated to safeguarding the rights of mining workers. (CCTV News)

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