Venezuela Enacts New Mining Law to Attract International Investment
Venezuela has enacted a new mining law, 'Ley Orgánica de Minas,' aimed at restructuring its mining framework to attract international investment. The law opens the sector to foreign investment for developing and mining gold and other minerals, allowing their commercialization domestically and internationally. It establishes mining concession terms for up to 30 years, renewable for two additional ten-year periods, and introduces mediation and arbitration mechanisms for dispute resolution. The law also sets royalty and tax frameworks, with royalties payable in cash or kind. 
