Venezuela and the United States are forging ahead with a major partnership to unlock the South American nation’s mining potential, as Interim President Delcy Rodríguez announced following talks with U.S. Interior Secretary Doug Burgum.
The discussions at Caracas’s presidential palace signal a deepening thaw in relations after the January U.S. seizure of former leader Nicolás Maduro, marking the second such high-level American visit since then.
Venezuela, already home to the world’s largest proven oil reserves exceeding 300 billion barrels according to OPEC figures, has eased restrictions on foreign investment in its energy sector.
Now, similar changes target the mining industry, rich in gold—accounting for 8 per cent of global deposits per USGS data—diamonds, and rare earth elements vital for smartphones and green technologies.
Congress head Jorge Rodríguez, the interim president’s brother, revealed plans to invite “large foreign companies” into these operations, aiming to curb rampant illegal mining that has devastated the Orinoco Mining Arc with deforestation spanning 150,000 hectares and toxic mercury runoff, as highlighted in reports from Human Rights Watch and the WWF.
These illicit activities, dominated by criminal groups tied to Maduro’s old guard and facing U.S. trial charges over narco-mining networks which they vehemently denied, have long plagued the region alongside political corruption scandals.
President Donald Trump praised Rodríguez’s efforts post-meeting, saying she is doing a “great job” and building a wonderful relationship that will deliver hundreds of millions of barrels of oil to Washington while promising to also make life wonderful for the people of Venezuela. The palace still displays Maduro posters with the plea “We want them back,” underscoring divided sentiments.
In a joint press appearance, Rodríguez urged lawmakers to back the reforms and boasted of earning “top marks on everything… 20 out of 20” from the U.S. This came despite Trump’s earlier warning to “do the right thing.”
Burgum highlighted over two dozen top American mining firms ready to invest billions and create thousands of high-wage jobs. Bloomberg analysts see potential to mirror Guyana’s oil boom and steady Venezuela’s sanction-battered economy, though environmentalists demand stronger safeguards against further damage.