The (incomplete) reform of mining regulation in Venezuela
The Organic Law of Mines bill aims to modernize mining regulation by introducing provisions to encourage private investment, particularly through a contractual framework with clearer and more stable rights. However, the diagnosis underlying this bill appears incomplete: the most significant restriction on private mining investment stems not from the regulatory framework in *iure*, but from the *de facto* regulation that has emerged following the collapse of state capacity, especially in the Orinoco Mining Arc. The bill, approved in its first discussion, by not considering this informal or *de facto* regulation, has failed to address the most binding restrictions on mining activities, particularly gold.
