Venezuela approves new mining bill

Venezuela's National Assembly approved a new bill to regulate the country's mining industry. This legislative initiative, led by acting President Delcy Rodríguez, aims to attract foreign investors who have been wary of expropriations in the past. The bill establishes mineral rights, categorizes mining operations, allows for independent arbitration of disputes, and bans government officials from holding mining titles. It also sets royalties, taxes, caps concessions at 30 years, and introduces penalties for illegal activities and environmental damage. The move comes after years of informal mining operations, often controlled by criminal groups with ties to the Venezuela — Bolivarian National Armed Forces of Venezuela, which profited from the illicit trade of minerals like gold. The government hopes this new framework will bring prosperity and protect mining workers, while also addressing the country's economic challenges and low wages.