National Assembly to Debate Mining Law Reform After Receiving US License
The National Assembly will present the organic mining law bill on Monday, March 9, for a first discussion.
TL;DR
- The National Assembly will debate a reform of Venezuela's Mining Law, originally passed in 1999.
- The U.S. Treasury issued a general license on March 6, authorizing U.S. companies to engage in certain activities related to Venezuelan gold.
- This license permits the purchase, transport, and resale of Venezuelan gold, even involving the Venezuelan government or Minerven.
- The NGO SOS Orinoco condemned the license, stating it permits 'ecocide' and 'criminal wealth laundering' in the Venezuelan Amazon.
- The U.S. authorization requires supply chain due diligence plans, though SOS Orinoco doubts effective oversight.
- The license issuance followed a meeting between Venezuelan official Delcy Rodríguez and U.S. Secretary of the Interior Doug Burgum.
- Rodríguez had requested expedited reform of the Mining Law to attract national and foreign investment.
- Parliament President Jorge Rodríguez had previously indicated the law was under urgent review for foreign investment, similar to the hydrocarbons sector.