The National Assembly of Venezuela approved the Organic Mining Law today, designed to modernize the sector, strengthen economic sovereignty and ensure mineral wealth.After intense debate and public consultation, Venezuela’s National Assembly unanimously sanctioned the Organic Mining Law on April 9. This crucial legal instrument, consisting of 131 articles, is meticulously designed to modernize and comprehensively regulate Venezuelan mining activity.The initiative, championed by the Acting President, Delcy Rodríguez, aims to bolster the nation’s economic sovereignty and ensure that its vast mineral wealth directly translates into sustainable development and well-being for the Venezuelan people.This comprehensive legislation marks a pivotal moment for the country, establishing a robust framework that seeks to optimize resource management while promoting environmental protection and social responsibility, focusing on several key aspects, primarily defending Venezuela’s sovereignty over its strategic resources, as the President of the Assembly, Jorge Rodríguez, emphasized.Resources As National PropertyThe recent law unequivocally reaffirms that all mineral deposits and resources within the national territory are the exclusive property of the Republic, classifying them as public domain assets that are inalienable and imprescriptible. This foundational principle ensures that the Nation retains ultimate control over its natural wealth, preventing its exploitation for purely private gain at the expense of national interests.Furthermore, the legislation clearly stipulates that the management and control of these minerals fall strictly under the purview of the National Executive Power. This centralized and strategic planning approach is designed to guarantee optimal exploitation, aligning mining activities with broader national development goals and preventing uncoordinated or detrimental practices.The law also establishes a clear framework for the participation of various entities in the mining sector. This includes state-owned companies, mixed enterprises (with a public majority shareholding), authorized private companies, and properly registered artisanal mining brigades. This inclusive approach aims to foster a diverse and dynamic mining industry, ensuring that both large-scale operations and smaller, community-based initiatives contribute to the sector’s growth.On its Article 74 the new regulation prohibits state officials and their family members from obtaining mining titles until 5 years after the termination of his duties, preventing their participation as shareholders in cooperatives or companies of the sector.The Central Bank of Venezuela holds the preferential right to purchase gold mined in the national territory according to the legal text. The new rule gives the financial institution priority to acquire ore resulting from any mining activity.Crucially, the instrument does not overlook the vital aspect of preserving ecological balance and promoting sustainable development. It stipulates rigorous scientific and technical criteria that all mining operations must adhere to, reflecting a commitment to responsible resource extraction that minimizes environmental impact and safeguards Venezuela’s rich biodiversity for future generations.The new rule tightens penalties for environmental crimes in areas under special administration on its Article 124, which provides for prison sentences of 10 to 15 years for those who carry out mining activities in protected areas. Text reads: “I thank the Plenipotentiary National Assembly for the unanimous approval of the Organic Law of Mines, a fundamental instrument to modernize, regulate and enhance mining in our country. This law strengthens legal certainty, attracts new investment, and will boost mineral wealth for national development…” National Assembly of Venezuela Approves Organic Law of MinesSovereignty DefendedIn terms of royalties and taxes, the document introduces modern mechanisms for collection, guaranteeing that a fair portion of the mining revenue is reinvested in social projects and essential infrastructure. This ensures that the wealth generated from mineral extraction directly benefits communities and contributes to improving the quality of life for the Venezuelan people.Such a redistributive approach is consistent with the perspective of using national resources for collective well-being rather than concentrating wealth among a few. Additionally, the Organic Mining Law directly combats illegal mining by introducing stricter institutional controls and enhanced fiscalization processes. These measures are designed to eradicate illicit practices that damage the environment, exploit workers, and deprive the state of legitimate revenue, thereby promoting a more transparent and ethical mining sector.In summary, this legislative mechanism, which will be submitted to the Supreme Court of Justice to determine its organic and constitutional nature before its promulgation in the Official Gazette, seeks to attract both national and foreign investments.The law is a testament to the Bolivarian Government’s commitment to transforming the mining sector into a powerful engine for national progress, attracting both domestic and foreign investment under transparent and equitable conditions. By guaranteeing transparency and establishing a clear regulatory framework, the law aims to consolidate the mining sector as one of the principal drivers of the national economy for the upcoming years.The National Assembly’s unanimous approval of this law underscores a strong governmental consensus on the importance of strengthening economic sovereignty and promoting a model of development that is both sustainable and equitable. (teleSUR)