Venezuela abolishes key Chavez decree. Private companies and foreign capital admitted to deposits

The National Assembly of Venezuela, the country's unicameral parliament, adopted a new mining law on Thursday, allowing private companies, including foreign investors, to extract raw materials.

Under the new regulations, both private and state-owned domestic companies, as well as companies with foreign capital, will have the right to operate in the mining industry in Venezuela.

Decision of the Venezuelan Parliament eliminates one of the first presidential decrees adopted in 1999 during the rule of leftist Venezuelan leader Hugo Chavez. He remained in power continuously until his death in 2013.

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The regulations adopted on Thursday aim to increase the number of investors in the Venezuelan mining industry, as well as fight corruption in this sector. They prevent government officials and their family members from purchasing shares in mining companies. They gain this privilege only five years after leaving office.

According to most independent media in Venezuela, the new mining law was approved as a result of pressure from the administration of US President Donald Trump on the regime in Caracas, which became more submissive to Washington after the attack by American forces on Venezuela on January 3 this year.

As a result of the US attack, Venezuelan President Nicolas Maduro was captured, and the position of head of state was temporarily taken by the current vice president, Delcy Rodriguez. According to the American authorities, she is willing to cooperate with Washington.

Just a few days after Maduro's arrest, Delcy Rodriguez spoke positively about the possibility of admitting private companies, including foreign investors, to the Venezuelan mining industry. (PAP)

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