Third time the adoption of the new Mining Act in Venezuela

On Tuesday, April 7, 2026, the National Assembly decided to postpone the final adoption of the draft Mine Law, despite having made significant progress in voting on its articles.

What do you have to know?

• Progress of the debate: 115 of the 130 articles planned have been adopted. At the last session, 60 new technical paragraphs were validated.
• Reason for delay: The delay was requested to make final adjustments to ensure a «robust»in accordance with the guidelines of the National Executive.
• Legal replacement: This rule will repeal the Mines Act 1999, seeking to modernise the legal framework after almost three decades of validity.

Main objectives of the reform:

1. Capital opening: To encourage the participation of private and foreign investment in the sector.
2. Legal security: To establish concessions of up to 30 years (extendable) for operating projects.
3. Tax incentives: Tax exemptions for up to 10 years for companies that install refinery plants in the country

In view of the fact that this law seeks to centralize mining control in the Executive, if you have investments or contracts in the sector, consider these 3 points:

• Review of current concessions: The existing contracts must be adapted to the new framework of the Superintendency.
• Incentives assessment: To analyse whether the time limits for exemption justify new investments in the refining infrastructure.
• Political monitoring: Final approval is subject to the next regular session of the AN.