According to AFP, under pressure from the United States to open its massive oil industry to private and foreign investment, the Venezuelan parliament on the 9th adopted the same approach for its vast mineral reserves.

Venezuela is renowned for having the world’s largest oil reserves and is also a country rich in mineral resources, including gold, diamonds, bauxite, and ilmenite. The chairman of Venezuela’s National Assembly, Jorge Rodríguez, announced: "The second reading of the ‘Mining Organization Law’ draft was unanimously approved." According to reports, this approval was expected, especially after U.S. Secretary of the Interior Doug Burgum’s visit to Venezuela in mid-March. Burgum is well-known for his close ties to the oil and mining industries. Burgum also serves as the chairman of the U.S. National Energy Council. He stated in Caracas that American mining companies "can’t wait" to start operations in Venezuela.