U.S. Considers Expanding Access to Venezuela’s Mineral Sector
The U.S. is exploring ways to increase its access to Venezuela's mineral sector, including gold, as part of a broader strategy to expand involvement in the country's resource industries and counter Chinese influence in Latin America. According to Reuters sources familiar with internal discussions, officials are considering executive actions and have engaged with American mining companies on potential investment opportunities. The U.S. Treasury Department has already authorized certain transactions involving Venezuelan gold through its Office of Foreign Assets Control (OFAC), which were later extended to other minerals. These authorizations allow specific services related to mining operations in Venezuela, creating a framework for future investments. The move aligns with Washington's economic and strategic interests while addressing the challenges posed by outdated geological data, illegal mining activities, and uncertain control over reserves. Venezuela’s mineral sector holds significant deposits of gold, iron ore, bauxite, and nickel, though past international investment has been hindered by government decisions. In April 2026, Venezuela passed a new mining law to attract foreign capital but retains full ownership of all mineral resources with royalty rates up to 13% on gross production value.
Topics: critical minerals mining US foreign policy Venezuela