GL 51 + Mining Law: Venezuela's Mining Opening Accelerates and Stalls in the Same Week
OFAC authorized Venezuelan gold exports to the U.S. on March 6. Burgum visited Caracas with 26 mining companies. The National Assembly approved the Mining Law in first reading on March 9. But the second reading stalled after 12 of 130 articles. What looked like a sprint became an obstacle course — with gold, diamonds, and rare earths as the prize.
In 15 days, three things happened that hadn't occurred in 27 years. First: OFAC issued a license for Venezuelan gold — the first GL outside the energy sector, signaling that the thaw extends beyond oil. Second: the U.S. Secretary of the Interior visited Caracas with a delegation of over 26 mining and minerals companies. Third: the National Assembly approved in first reading a bill that replaces the 1999 Mining Law — the Chávez era — with a framework that allows JVs, extends concessions from 20 to 30 years, and admits international arbitration.
And then, the brake. In the second reading on March 19, the Assembly approved only 12 of 130 articles before deferring the debate. The argument: "we need more time to hear more citizens." Democratic consultation or a signal that Chavismo in Parliament isn't ready to cede control over the mining sector? The answer matters because GL 51 authorizes gold trade but expressly does NOT authorize mining, exploration, production, or refining inside Venezuela. Without the Mining Law approved, Burgum's companies can buy Venezuelan gold in the U.S. but cannot extract it in Venezuela.
Keep reading — free
Sign up and read 3 analyses a month, free
Create your reader account with your email. No password, no card.
Want no limits? Subscribe to Explorer from $19/mes