Venezuelan lawmakers approve sweeping mining bill to lure foreign investors wary of expropriations

CARACAS, Venezuela (AP) — Venezuelan lawmakers on Thursday approved a bill to regulate the country’s mining as it seeks to attract leery foreign investors to a once-private industry that has long been exploited by criminal groups believed to have ties to the government.

It is the latest legislative initiative by acting President Delcy Rodríguez since the self-proclaimed socialist government that has ruled Venezuela for 26 years came under pressure from the Trump administration in January, when the U.S. military deposed then-President Nicolás Maduro.

She is expected to soon sign the lengthy bill into law.

The bill regulates mineral rights, establishes small, medium and large-scale mining categories, and allows for independent arbitration of disputes, which foreign investors view as key to guard against expropriation