National Assembly approved the mining law bill in its first discussion
The National Assembly approved this Monday, March 9, the draft mining law which seeks to increase legal guarantees.
TL;DR
- The National Assembly approved a draft mining law to increase legal guarantees and attract investment.
- The law requires a second discussion for final sanction.
- The U.S. Treasury issued a license authorizing American companies to exploit and commercialize Venezuelan gold.
- The draft law includes 19 chapters and 126 articles, focusing on technical criteria and new needs.
- It allows for independent mediation and arbitration for dispute resolution after exhausting national legal avenues.
- The law strengthens the role of the Ministry of Mining.
- A social mining fund will be created to support workers' social security.
- A national mining activity superintendency will be established for oversight and to benefit investment.
- Opposition deputies expressed concerns about the late submission of the bill and the lack of time for review.
- The U.S. license permits American companies to buy, transport, and resell Venezuelan gold, including dealings with Venezuelan government entities.