Interior Secretary Visit to Venezuela Reinforces U.S. Push for Access to the Country's Mineral Reserves

Following the arrest and extradition of Venezuelan President Nicolás Maduro on Jan. 3, the United States, under orders from President Donald Trump, assumed responsibility for distributing and managing the oil produced in the Latin American country.

More than two months after that operation, the Trump administration is now seeking to gain control of Venezuela's gold reserves and other valuable mineral resources.

Last week, Interior Secretary Doug Burgum met with Venezuela's interim president Delcy Rodríguez to sign an agreement with Venezuela's state owned mining company to sell as much as 1,000 kilograms of gold destined for U.S. markets.

According to reports, Rodríguez pledged last week to work at the "speed of Trump" to accelerate U.S. access to Venezuelan minerals, while also promising to introduce legislation allowing foreign companies to extract gold, diamonds and rare minerals.

According to Burgum, the Venezuelan government provided security assurances to mining companies interested in investing in mineral rich regions that for years have been controlled by guerrilla groups, gangs and other criminal groups. As part of the deal, the U.S. received $100 million worth of gold from Venezuela, a move Burgum described as a "win" for Americans in a social media post.

Under the terms of the license, individuals and companies from Russia, Iran, North Korea and Cuba are barred from entering into contracts with Minerven, the state owned mining company.

Despite Venezuela's vast gold reserves, much of the country's mining sector is controlled by criminal groups operating illegal extraction sites in the jungle, contributing to deforestation, river contamination and the displacement of Indigenous communities.

According to a report from the State Department to Congress cited by The New York Times, sources estimate the value of gold extracted in Venezuela averaged about $2.2 billion annually over the past five years. Despite the profits generated, the industry caused severe environmental damage, destroying more than 2,500 square kilometers of forest land.

"This is much more complex than oil, by far," Luisa Palacios, a researcher at Columbia University's Center on Global Energy Policy and former board chair at Citgo, which is owned by Venezuela's state run oil company, told The New York Times.

Palacios highlighted Venezuela's significant capacity to produce minerals such as aluminum, gold, bauxite and iron, but warned the industry experienced a "complete collapse" in recent years after the Venezuelan government expropriated companies during the administrations of Maduro and former president Hugo Chávez.

Palacios said she remains optimistic about a potential revival of Venezuela's mining sector but cautioned that restoring production would require major investment and likely new laws aimed at improving government transparency, accountability and environmental protections.

"Any improvement in the governance surrounding mining production is welcome," she said. "I don't know how the Trump administration is going to do this."

Officials have framed the initiative as part of a broader effort to diversify global supply chains for energy and critical minerals. Burgum said recent geopolitical tensions in the Middle East underscore the importance of securing alternative sources, including gold.

"Having diversification of supply chains matters," he said.

Venezuela holds large reserves of oil as well as significant deposits of gold, coal and other minerals that U.S. officials hope to help develop with private investment.