Venezuela’s National Assembly unanimously passed a sweeping mining reform on Thursday, clearing the way for foreign companies to bid on the country’s untapped ore. The measure follows a meeting between U.S. Interior Secretary Doug Burgum and acting president Delcy Rodríguez, during which both sides pledged to open deposits to American investment.

Rich in gold, rare‑earths, bauxite, iron and coltan, the Orinoco Mining Arc rivals Cuba in size and holds some of the world’s largest reserves. Officials say the reform could generate $8 billion in annual revenue by 2036 and help shrink Venezuela’s reliance on oil, echoing a January oil‑law overhaul.

The law grants mining permits lasting up to 30‑year licenses, introduces arbitration for disputes and creates four oversight bodies, including a National Guard unit tasked with policing sites. Nonetheless, armed gangs, the Colombian National Liberation Army and corrupt officials dominate large swaths of the jungle, raising doubts about investor security.

Environmental groups warn the decree could accelerate deforestation and deepen Indigenous labor abuses, while the state retains rights over “strategic” minerals and a preferential gold‑sale clause to the central bank. Companies expelled under Hugo Chávez may be first to return, but concrete enforcement mechanisms remain unclear, leaving the reform’s impact uncertain.