CARACAS, April 9 (Xinhua) -- Venezuela's National Assembly on Thursday unanimously approved a reform to the country's mining law, opening the sector to private and foreign investment.

The legislation, which contains 137 articles, regulates mining activities nationwide and establishes a legal framework for both domestic and international investment.

National Assembly President Jorge Rodriguez said the law lays the foundation for the creation of joint ventures and is key to promoting the country's economic development and modernizing the mining sector.

The reform allows foreign and private companies or consortiums to participate in the extraction of gold and other strategic minerals. Concessions may last up to 30 years and can be renewed twice for a period of 10 years each.

The law also reaffirms state ownership of mineral resources, while disputes may be settled through arbitration. Gold sales will be handled by Venezuela's central bank.

The legislation will be submitted to Venezuela's Supreme Court of Justice for a ruling on its constitutionality. ■