Caracas, Venezuela - Lawmakers in Venezuela on Thursday adopted a reform of the country's mining laws that allows for more private investment in its vast mineral reserves, as sought by the US.

The National Assembly approved the law on its second reading, part of a series of reforms aimed at unwinding the socialist model of abducted leader Nicolas Maduro.

Assembly chief Jorge Rodriguez hailed the legislation as "a vehicle for building future prosperity."

Maduro was kidnapped by US forces during a January 3 bombing raid on Caracas.

His successor Delcy Rodriguez, the sister of the National Assembly president, has been under intense pressure ever since his ouster to throw open the oil and mineral sectors to US investors.

US Interior Secretary Doug Burgum had pushed for a liberalization of Venezuela's mining laws during a visit to the country in early March.

Venezuela is rich in gold and diamonds, as well as bauxite, coltan, and other critical minerals used in the tech and green energy sectors.

Mining activity is concentrated in an area known as the Orinoco Mining Arc, where armed groups are active.

The mining reform came weeks after Rodriguez pushed through a reform of the oil sector that diminishes state control over the country's vast crude reserves.