The National Assembly of Venezuela (AN, Parliament), controlled by chavismo, unanimously approved this Thursday the new mining law that opens the sector to private and foreign investment due to the explicit interest of the United States in Venezuelan gold. The second necessary debate for its approval took four sessions, including today's, to pass this norm, which has a total of 131 articles and repeals the Mining Law in force since 1999, approved by a decree from then-President Hugo Chávez, who died in 2013 and had special powers granted by the Legislature. The law opens the door in its first twelve articles to private and foreign investment, as well as to mediation and arbitration for conflict resolution. In article 74 of the new norm, it is established that no state official nor their family members may obtain titles referred to in this Law, nor may they participate as shareholders or partners in cooperatives or commercial societies to acquire mining titles until five years have passed since the cessation of the exercise of their office. The Central Bank of Venezuela «has the preferential right to purchase the mineral gold that is obtained as a result of any mining activity carried out in the national territory», according to the law. On the other hand, in article 91, it is indicated that the payment of royalties to the Venezuelan State is up to 13% on the gross production of the mineral, calculated on the commercial value of the final product. According to this article, the ministry with competence in mining will be in charge of determining the «necessary parameters» to determine these payments that, according to article 92, the State may require «in money or in kind». Also highlighted is article 36, which indicates that the State, «for reasons of public interest and strategic nature, may reserve the primary activity of mining radioactive minerals, as well as their exploitation, benefit and commercialization of their products and by-products». In article 124, it is stated that in the case that mining activities are carried out in areas under a special administration regime for environmental protection, a penalty of 10 to 15 years in prison will be applied. This bill was promoted by the acting president, Delcy Rodríguez, after the visit to Caracas by the US Secretary of the Interior, Doug Burgum, who stated that companies from his country have a desire to operate in Venezuela. After that visit, the US Department of the Treasury issued a license that authorizes US companies to carry out some activities related to the exploitation and commercialization of Venezuelan gold.
