Gold Reserve Welcomes Venezuela’s New Mining Law

Thu Apr 23 2026

The Mining Law represents a modernization of Venezuela’s mining regime and an important step toward opening the sector to domestic and foreign investors to participate in the exploration and development of gold and strategic minerals.

The company conducted a detailed analysis of the draft Mining Law during the legislative process and confidentially submitted its comments to the relevant authorities.

The company notes that some of its key recommendations have been incorporated into the final law, including the express repeal of the 2015 Gold Law, which eliminates the state’s majority stake in the gold and strategic minerals sector.

Other key provisions of the Mining Law include:

• Mining concessions will have an initial term of up to 30 years, renewable for two successive periods of up to 10 years each, up to a maximum total term of 50 years;

• an expanded dispute resolution framework that allows for arbitration;

• A royalty regime whose percentages will be contractually fixed within the maximum limits established by law;

• Express authorization to sell minerals both within Venezuela and internationally.

In parallel with the legislative changes in Venezuela, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published General License 55 (GL-55) and other related licenses applicable to Venezuela’s mining sector. GL-55 authorizes, under certain conditions, the negotiation and execution of contracts for new investments in Venezuela’s gold and minerals sector.

“The enactment of the Organic Mining Law marks a milestone for the Venezuelan mining sector,” said Paul Rivett, Vice President of Gold Reserve. “We are encouraged by these new measures, which together create the necessary conditions for the responsible development of Venezuela’s world-class mineral resources. We look forward to continuing to collaborate constructively with the Venezuelan authorities.”

About Gold Reserve

Gold Reserve is a primarily US-owned mining exploration and development company dedicated to advancing high-quality mining assets with the goal of creating long-term, sustainable value for shareholders. The company is listed on the Toronto Stock Exchange (TSX-V: GRZ), the Bermuda Stock Exchange (BSX: GRZ.BH), and the OTCQX market.

Source: https://www.bnamericas.com/