en.Wedoany.com Reported - Venezuela's Organic Mining Law has been officially enacted, aiming to open the mining sector to foreign investment. Roland Minerals, listed on the TSX Venture Exchange, stated that the law marks a key step in reshaping the mining regulatory framework and aligns with the international investment climate and the trend of easing U.S.-Venezuela relations.

The new law allows foreign investment in the extraction and commercialization of minerals such as gold, with concession terms of up to 30 years, renewable twice for 10 years each, and introduces mediation and arbitration mechanisms for dispute resolution. The law also establishes rules for royalty and tax payments, which can be made in cash or in kind.

Venezuela has potential for the exploration of minerals such as gold, bauxite, and iron ore, with major deposits located in the Guiana Shield in the southeast. However, a Reuters report in April noted that the country's mining sector faces challenges including the involvement of armed groups and an unstable security situation. In Bolívar state, nine mining companies indicated that without significant improvements in security conditions, it would be difficult for international companies to make substantial investments, citing collusion between local criminal gangs and Colombian insurgents, with some security forces accused of involvement in illegal gold trading.

On March 27, Roland Minerals announced the launch of its Venezuelan mineral rights acquisition program and reached a strategic agreement with the original heritage rights holders of the Las Cristinas gold deposit, gaining access to the deposit's exploration data and expert team support. The company also granted 250,000 stock options with an exercise price of $0.28 per share, valid for three years.

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