BY EMMANUEL OGBONNA
The United States has issued a new license allowing certain transactions with Venezuela’s state-owned gold mining company, Minerven, marking the latest step by the Trump administration to deepen its involvement in the South American nation’s vast natural resources sector.
The authorization, announced Friday, permits U.S. individuals and companies to conduct business with Minerven under specific conditions. Officials say the move is part of a broader strategy aimed at stabilizing Venezuela’s economy while strengthening U.S. access to critical minerals that are increasingly vital to global supply chains.
The license was issued shortly after U.S. Interior Secretary Doug Burgum traveled to Venezuela for high-level meetings with the country’s acting president, Delcy Rodríguez. During his visit, Burgum also held discussions with representatives from more than two dozen American mining and minerals companies, many of which previously maintained operations in Venezuela before years of political turmoil and sanctions forced them to withdraw.
Officials involved in the talks said the Venezuelan government offered assurances that foreign companies investing in the mining sector would receive stronger security protections. Mineral-rich regions in the country’s south, particularly in the Amazon basin, have long been plagued by illegal mining activity and violence carried out by guerrilla factions, criminal gangs and other armed groups.
Burgum said Venezuelan authorities acknowledged the risks but expressed a willingness to work with international partners to secure mining areas and reopen operations that have been dormant for years.
The new license places restrictions on who can participate in agreements with Minerven. Companies or individuals from Russia, Iran, North Korea and Cuba are explicitly barred from entering contracts with the Venezuelan state mining company under the authorization.
U.S. officials say the measure is designed in part to counter the growing influence of geopolitical rivals in global mineral markets. China in particular has built a dominant position in the supply chains for several strategic minerals used in electronics, renewable energy technologies and advanced military systems.
Venezuela is believed to hold significant reserves of valuable resources including gold, bauxite, coltan and rare earth elements, materials considered essential for manufacturing electronics, batteries and other modern technologies.
The Trump administration’s policy shift follows a dramatic political upheaval in Venezuela earlier this year, when U.S. forces captured then-President Nicolás Maduro, ending his long and controversial rule. The operation reshaped the political landscape in Caracas and opened the door to a new phase of economic engagement between Washington and Venezuela’s interim leadership.
Officials in Washington have argued that helping revive Venezuela’s resource industries could accelerate the country’s economic recovery while aligning its energy and mineral sectors more closely with U.S. interests.
In recent weeks, the United States has taken additional steps aimed at expanding its role in Venezuela’s resource economy. American authorities recently moved to claim legal ownership of a sanctioned tanker carrying nearly two million barrels of petroleum that had been seized off Venezuela’s coast in December.
At the same time, Venezuela’s interim government has begun introducing reforms designed to attract foreign investment. In January, Rodríguez signed legislation opening the country’s oil industry to privatization, a dramatic policy shift for a sector that had long been tightly controlled by the state.
The mining sector is expected to undergo similar reforms as officials seek to revive production after years of economic decline, infrastructure neglect and international sanctions that crippled the country’s ability to export its resources.
Recent developments also include a major agreement involving Minerven and international commodities trader Trafigura. Under the arrangement, Venezuela will supply between 650 kilograms and one metric ton of gold doré bars destined for refining in the United States.
The deal represents one of several resource extraction agreements brokered with U.S. support in recent months, reflecting the growing economic partnership between the two countries.
Despite Venezuela’s immense mineral wealth, the industry has struggled for years due to poor infrastructure, widespread corruption and the dominance of illegal mining networks operating in remote regions. Officials in both Washington and Caracas say attracting international companies with modern technology and capital could help transform the sector into a more regulated and productive industry.
Critics, however, have raised concerns about the environmental and social consequences of expanded mining in sensitive rainforest areas, as well as the geopolitical implications of increased U.S. influence over Venezuela’s natural resources.
For now, the newly issued license signals a significant shift in Washington’s approach toward Venezuela, moving away from years of strict economic isolation toward a strategy that combines political pressure with selective economic engagement.
Whether the initiative succeeds in revitalizing Venezuela’s mining sector and reshaping global mineral supply chains will depend on how quickly security, infrastructure and regulatory challenges inside the country can be addressed.
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