After oil, Venezuela opens up mining to private investors

CARACAS

Venezuela's acting President Delcy Rodriguez smiles during a meeting with a delegation led by U.S. Energy Secretary Chris Wright at Miraflores Palace in Caracas, Venezuela, Feb. 11, 2026. (AP Photo)

Venezuela has thrown open the country's vast mineral reserves to private investment, less than three months after rolling back state control over the oil sector, in line with U.S. demands.

The South American country, which is undergoing a profound transformation following the U.S. overthrow of leftist leader Nicolas Maduro, has the world's largest proven oil reserves.

But it is also rich in gold and diamonds as well as bauxite and coltan, a mineral that contains a metal used in mobile phones, laptops and other electronics.

The unicameral National Assembly unanimously backed the mining law on its second reading, assembly chief Jorge Rodriguez announced on April 9.

Rodriguez, a former member of Maduro's inner circle who is now championing liberal reforms, hailed the law as "a vehicle for building future prosperity."

Maduro was captured by U.S. forces during a Jan. 3 bombing raid on Caracas.

He was replaced by his former deputy Delcy Rodriguez (a sister of Jorge Rodriguez) who has shown herself amenable to U.S. demands on tapping Venezuela's oil and other key resources.

The law's adoption comes a month after U.S. Interior Secretary Doug Burgum visited the Caribbean nation to push for a liberalization of the mining code.

Burgum was accompanied by more than two dozen mining company executives, who he said were "eager to get started" once the "red tape" had been cut.

He described the opportunities for collaboration between Caracas and Washington as "unlimited."

The law is part of a series of reforms aimed at ending more than two decades of state control over the economy.