CARACAS, Venezuela (AP) 鈥� Venezuelan lawmakers on Thursday approved a bill to regulate the country鈥檚 mining as it seeks to attract leery foreign investors to a once-private industry that has long been exploited by with ties to the government.
It is the latest legislative initiative by since the self-proclaimed socialist government that has ruled Venezuela for 26 years came under in January, when the U.S. military deposed then-President Nicol谩s Maduro.
The lengthy bill will now undergo a review by the country鈥檚 high court to determine if it is constitutional.
The bill regulates mineral rights, establishes small, medium and large-scale mining categories, and allows for independent arbitration of disputes, which foreign investors view as key to guard against the government seizing their assets. It also bans the president, vice president, ministers, governors and others from holding mining titles.
The bill is a 鈥渧ehicle for the construction of future prosperity鈥� and an 鈥渋nstrument that protects鈥� mining workers across the country, National Assembly president Jorge Rodr铆guez told lawmakers after the measure was approved.
The approval came a day after the acting president asked public and private sector workers, whose wages have long not allowed them to afford basic necessities, for patience as her government works to improve . She promised them a wage increase on May 1 but did not disclose the amount.
On Thursday, as workers protested for better wages in the capital, Caracas, Delcy Rodr铆guez arrived in Grenada on her first official international trip as acting president.
Two decades ago, many foreign firms in the mining and oil sectors saw their assets seized by the Venezuelan government. However, , Maduro鈥檚 government in 2016 designated more than 10% of Venezuela鈥檚 territory as a mining development zone stretching across the central area of the country.
Since then, mining operations for gold, diamonds, copper and other minerals have proliferated. Many of these sites are informal, unlicensed mines and the presence of criminal groups.
Homicides, human trafficking, fuel smuggling and other crimes are commonplace in mining areas, but ordinary Venezuelans in hopes of getting rich quick and escaping poverty.
Officials and members of the military take cuts from the illegal mining revenue in exchange for allowing the operation of mines.
鈥淭he mining and subsequent sale of gold has proven to be a lucrative financial scheme for some well-connected Venezuelans and senior officers within the National Bolivarian Armed Forces, which profits from charging criminal organizations for access and inputs, such as fuel,鈥� the reported to Congress last year.
鈥淭he estimated market value of gold mined in Venezuela is difficult to confirm, but well-respected sources estimate that it averaged $2.2 billion annually over the past five years.鈥�
The newly approved bill sets royalties and taxes and caps mining concessions at 30 years, with the possibility of renewal. It also establishes prison penalties for those who participate in illegal activities and those who cause environmental damages, and allows for the seizure of illegally obtained minerals.
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