The Treasury Department granted authorization Friday for specific Venezuelan gold transactions, according to its website, following Interior Secretary Doug Burgum’s completion of a mining-centered visit to the South American nation.
Burgum, who leads the U.S. National Energy Dominance Council, has praised interim Venezuelan President Delcy Rodriguez’s initiatives to welcome foreign investment in oil and mineral sectors, reflecting similar commendations from President Donald Trump.
During Thursday remarks, Burgum stated that Rodriguez’s proposed mining legislation would generate business opportunities, with operating permits expected soon, and that Rodriguez has committed to ensuring corporate security.
The Treasury authorization permits dealings with government-owned mining company Minerven and related entities for exporting, selling, buying, delivering, or transporting Venezuelan gold to the United States, provided contracts follow U.S. legal frameworks, according to the department’s statement.
The statement specified that payments to sanctioned persons, except local taxes or permits, must go through Foreign Government Deposit Funds, while prohibiting transactions involving debt exchanges or Venezuelan government digital currencies.
The license also blocks dealings with individuals from nations historically aligned with Venezuela’s government, including Russia, Iran, North Korea and Cuba, plus joint ventures with China.
Venezuela possesses enormous mineral wealth including gold, iron ore, bauxite and coltan, yet production remains well below potential due to facilities requiring extensive repairs and investment for modernization and expansion.
Both Minerven and state metals corporation Corporacion Venezolana de Guayana have faced U.S. sanctions for years, while foreign investment dropped significantly after nationalizations under former President Hugo Chavez.
Industry analysts suggest immediate export recovery possibilities, especially for gold, but warn that substantial investment exceeding oil sector needs is required, alongside renewed exploration initiatives.
Burgum’s two-day visit included over two dozen mining and minerals companies, with the secretary expressing confidence about expanding both petroleum and mining operations in Venezuela.
Rodriguez, who assumed acting leadership after the U.S. removal of President Nicolas Maduro in January, indicated that recent oil reforms reducing taxes, expanding ministry authority and granting private producer independence will serve as the template for upcoming mining regulation changes expected to reach legislators soon.
In January, Rodriguez reported that gold production reached 9.5 tons during 2025.
