US Seeks Access to Venezuelan Minerals After Securing Oil Deal, Sources Say

The U.S. administration is reportedly seeking to expand American access to Venezuela’s mineral wealth, including gold and other strategic resources, following a recent deal to control a significant portion of the nation's oil reserves. According to three sources familiar with the discussions, the move is part of a broader push to align the South American country's natural resources with U.S. economic and national security interests.

A New Strategic Focus on Mining

The initiative aims to open Venezuela's mining sector to U.S. investment, potentially giving American companies access to minerals deemed critical for national security, the sources said. U.S. officials have reportedly held meetings with companies to gauge interest in investing in or participating in the sector.

This effort to secure mineral resources parallels recent U.S. moves in Venezuela's energy industry. Last week, the administration announced a deal to take majority control of more than 65 billion barrels of Venezuela’s proven oil reserves, although the precise legal structure of that arrangement has not been disclosed. The broader strategy is seen as a way to reassert U.S. influence in the region and counter the economic footprint of China, which had developed strong ties with the former government of Nicolas Maduro.

Regulatory Groundwork in Place

The administration has already taken steps to create a framework for U.S. business activity. In March, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) authorized certain transactions involving Venezuelan-origin gold. This was later broadened to cover other minerals and allow for negotiations of potential investment contracts.

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A White House spokeswoman, Taylor Rogers, stated that the U.S. and Venezuela are "benefiting from renewed cooperation between our governments and new investments by Western companies in Venezuela’s key industries." However, a White House official told Reuters that while an executive order on critical minerals has been considered, the administration currently believes existing laws provide a solid framework for investment.

Investment Hurdles and Uncertainty

Despite the administration's interest, significant challenges remain for potential investors. Much of Venezuela's geological data is considered outdated, and illegal groups control key gold deposits in the Orinoco Mining Arc, a vast area in the south of the country.

Analysts note that companies will likely require updated geological studies before making significant new investments due to uncertainty surrounding mineral estimates and a history of asset seizures. A 2018 government report estimated the country's resources included 644 metric tons of gold and 14.68 billion metric tons of iron ore, but its methodology was questioned. In April, Venezuelan lawmakers approved a new mining law aimed at spurring investment, which sets a royalty tax of up to 13% of a mineral's gross production value.