WASHINGTON — Federal officials granted authorization Friday allowing business transactions with Venezuela’s government-controlled gold mining operation, Minerven, marking another step in the Trump administration’s strategy to influence the South American nation’s valuable natural resources.
The authorization came following a visit by U.S. Interior Secretary Doug Burgum to Venezuela earlier this week, where he held discussions with acting President Delcy Rodríguez and met with representatives from over 24 American mining and mineral extraction firms. Many of these companies had previously conducted operations in Venezuela before withdrawing.
During his visit, Burgum reported that Venezuelan officials provided safety guarantees to mining enterprises considering investments in the nation, where mineral-wealthy regions have historically been dominated by guerrilla fighters, criminal organizations and other unlawful groups.
The new authorization specifically prohibits individuals and businesses from Russia, Iran, North Korea and Cuba from participating in any agreements with Minerven.
This initiative represents part of the Trump administration’s broader effort to counter China’s dominance in critical mineral markets, particularly those resources found in abundance throughout Venezuela. The licensing arrangement supports the administration’s broader strategy to stabilize the historically troubled nation after U.S. forces captured former President Nicolás Maduro two months earlier.
In related developments involving Venezuela’s natural resources, American authorities recently moved to claim legal control over a sanctioned oil tanker and approximately 2 million barrels of crude oil that were confiscated near Venezuela’s coastline in December. This January, Rodríguez enacted legislation allowing private ownership in Venezuela’s petroleum industry.
