Interior Secretary Doug Burgum wrapped up a two-day diplomatic mission to Venezuela on Thursday, expressing strong confidence about future investment prospects in the South American nation’s mining sector.
Speaking to reporters before his departure from Caracas, Burgum highlighted upcoming legislation that will open doors for international companies, with operating permits expected soon. Venezuela’s interim administration under Delcy Rodriguez has pledged to protect foreign businesses, according to the Interior Secretary.
Burgum, who leads the U.S. National Energy Dominance Council, praised interim President Rodriguez’s efforts to welcome foreign capital into Venezuela’s oil and mineral sectors, reflecting similar endorsements from President Donald Trump.
This marks the second high-level U.S. cabinet visit to Venezuela following January’s military operation that resulted in Nicolas Maduro’s capture. Energy Secretary Chris Wright made a similar trip last month.
Venezuela possesses vast mineral wealth including gold, iron ore, bauxite and coltan, but current production levels remain far below potential. Mining facilities require substantial repairs and modernization investments, while major state enterprises CVG and Minerven continue facing financial constraints and U.S. sanctions.
Foreign investment dried up over the past decade after nationalizations implemented under former President Hugo Chavez. Industry analysts believe rapid export growth is possible, especially for gold, though they warn that enormous capital investments and renewed exploration efforts will be necessary.
The Interior Secretary’s delegation included more than 24 mining and mineral companies. Thursday morning meetings in Caracas brought together major international oil and gas firms with leading Venezuelan corporate and banking executives.
When questioned about corruption concerns and security challenges, including armed groups involved in illegal mining operations, Burgum emphasized that interested companies have demonstrated strong ethical standards and that new regulations will generate employment opportunities.
“I think you’re going to see this government very concerned about providing the right kind of security. We heard assurances in the meeting today and yesterday that if companies wanted to get to these areas, do due diligence, think about reopening mines, maybe even getting back to mines that they themselves were running 15 or 20 years ago, that this government would ensure their security,” Burgum said.
“I’m feeling very optimistic about an environment where investment is going to flow, not just to offshore oil and gas, not just to Caracas but actually to the interior where these enormous resources exist,” he added.
Burgum indicated that general mining licenses, similar to those already granted to oil companies, will be available shortly.
