For years, the debate surrounding the future of Bolivian mining focused on the country’s geological wealth. However, in modern mining, the success of a jurisdiction does not depend solely on what lies beneath the ground. It also depends on the ability of its regulatory framework to attract the capital, technology and expertise necessary to transform those resources into productive projects. Law No. 535 represented an important effort to reorganize Bolivia’s mining regime and adapt it to the economic and institutional context of its time.