Interior Secretary Doug Burgum with over 20 mining executives, the issuance of a U.S. license authorizing gold transactions with state miner Minerven, and the arrival in the U.S. of a first $100 million gold shipment via commodities trader Trafigura.
— The mineral-rich zones targeted for investment — the 112,000-square-kilometer Orinoco Mining Arc — have been controlled for years by guerrillas, criminal gangs, and corrupt officials, with UN reports documenting slavery, trafficking, and environmental devastation.
Venezuela is rewriting its mining laws at a pace that tracks not with ordinary legislative process but with the tempo set by Washington.
At least one opposition bloc abstained, complaining that lawmakers received the draft just before the session opened.
The bill replaces a 2015 decree that imposed state control over mining exploration and a 1999 mining regulation law, opening the sector to foreign corporations for the first time in over two decades.
He brought over 20 U.S. and Canadian mining executives — including representatives from Peabody Energy, Caterpillar, Paulson & Co., and Hartree Partners — many from companies that had operated in Venezuela before the Chávez-era nationalizations. »
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