Venezuela Opens Mining Sector to Foreign Investment Amid Global Race for Rare Earth Minerals
Venezuela's National Assembly has approved reforms to its mining laws, extending concessions to 30 years and allowing foreign investment, particularly from the U.S. This move aims to attract capital for gold, diamonds, and rare earth minerals, essential for technology and defense. The U.S. seeks to secure access to these resources, currently dominated by China, which controls a significant share of the global rare earth supply chain. The shift in Venezuela's policy is a strategic maneuver in the geopolitical competition for critical minerals.
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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.
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