【SMM Aluminum Flash News】Venezuela passes new mining law in an effort to garner US support and foreign investment

Published: Apr 13, 2026 16:40

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Venezuela's National Assembly on Thursday unanimously passed a new 131-article mining law aimed at securing U.S. support and foreign investment. The law includes provisions supporting foreign investment, such as an "economic balance" clause and international arbitration. The bill also establishes a streamlined tax system, centered on royalties of up to 13% of production and a new mining tax of up to 6% of total revenue, while exempting several existing taxes. Concessions can be valid for up to 30 years and can be extended twice for 10 years each. Officials stated that the reforms aim to attract investment to projects involving bauxite and other strategic minerals, but the government retains the power to designate national interests and impose special conditions.

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