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Venezuela's National Assembly has approved reforms to its mining sector, extending concessions from 20 to 30 years and permitting international arbitration. This change aims to attract foreign investment, particularly from American companies interested in gold, diamonds, and rare earth minerals.

The U.S. is opening its mineral market to secure access to resources critical for technology and military dominance, as China currently controls 71% of U.S. rare earth imports. This shift in Venezuela represents a strategic effort to diversify supply sources amid global competition for critical minerals, crucial for modern industrial and defense applications.