Venezuela's ruling party-controlled National Assembly approved a new mining law on Thursday.
Reuters and AFP news agencies reported.
The law is expected to open the sector to private and foreign investment, less than three months after the government rolled back state control of the oil sector.
It is in line with US demands to attract external capital to Venezuela's struggling economy, AFP reports.
Allows companies to mine gold and strategic minerals
The administration of US President Donald Trump has supported a number of initiatives by Venezuela's acting President Delcy Rodriguez to attract investors and stabilize the country.
Ties between the United States and Venezuela have grown closer since a January raid by US forces that captured President Nicolas Maduro and took him to the United States.
The law repeals mining regulations from 1999 and 2015 and allows national, foreign, state and private companies and consortia to mine gold and what are referred to as strategic minerals.
The grants will last a maximum of 30 years, but can be extended by 10 years twice, Reuters reports.
Venezuela has large reserves of gold and diamonds
Rodriguez was previously a member of Maduro's inner circle, but since taking over, she has acceded to US demands to exploit Venezuela's oil and other important resources, AFP reports.
She stresses that investors will be provided with both legal and security guarantees, Reuters reports.
The law is intended to end more than two decades of state control over the economy.
Venezuela has the largest known oil reserves in the world. But it also has large amounts of gold and diamonds, as well as bauxite and coltan, which are used in mobile phones, laptops and other electronics.
The minerals are largely unexplored in the country.
The law was passed unanimously, according to the speaker of the National Assembly, Jorge Rodriguez, who is the acting president's brother, AFP reports.
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