The Trump administration is reportedly seeking greater access to Venezuela’s resources beyond oil in a move that could open the country’s mining sector to US companies and investors.
According to Reuters, the US government is exploring opportunities to secure access to several minerals, including gold, as it expands its push for greater influence over Venezuela’s vast natural resources.
The move follows last week’s deal under which the US would take majority control of more than 65 billion barrels of Venezuela’s proven oil reserves.
“We are all watching the oil situation closely and recognise there could be a parallel track with critical minerals,” an unnamed mining executive told Reuters.
White House spokeswoman Taylor Rogers says the US and Venezuela are “benefiting from renewed cooperation between our governments and new investments by Western companies in Venezuela’s key industries”.
US clears path for mining investment
This year, Washington has already taken steps to ease restrictions on Venezuela’s mineral sector.
In March, the US Treasury Department’s Office of Foreign Assets Control authorised certain transactions involving Venezuelan-origin gold, including activities connected to state-owned gold producer Minerven.
Later that month, the Treasury broadened the authorisation to include Venezuelan-origin minerals more generally, while allowing some mining-related services and negotiations over potential investment contracts.
Those measures have created a framework for US companies to pursue opportunities in Venezuela’s mining sector as Washington looks to revive Western investment in the country alongside its growing influence over the oil industry.
A White House source told Reuters that there is currently no need for an executive order to facilitate any mining investment, as the administration believes existing laws provide a sufficient framework.
Venezuela’s mineral potential remains uncertain
Despite its resource potential, significant hurdles remain for companies looking to invest in Venezuelan mining.
Much of the country’s geological information is outdated, making it difficult to accurately assess the scale and quality of its mineral resources.
Security is another challenge. Illegal groups control gold deposits across parts of the Orinoco Mining Arc, a vast mineral-rich region near Venezuela’s borders with Guyana and Brazil.
As a result, mining companies and investors are likely to require updated geological studies before committing significant capital to new projects.
Still, Venezuela potentially represents a new frontier for gold miners.
According to a 2026 analysis by the Center for Strategic and International Studies (CSIS), the country is estimated to host around 75 million ounces of gold, placing it broadly alongside major South American producers like Brazil and Peru.
Write to Jackson Chen at Mining.com.au
Image: Gold Reserve
