Venezuela and the United States Agree on Mining Sector Cooperation, Legal Reforms in the Pipeline
Interim President of Venezuela, Delcy Rodríguez, and the United States Secretary of the Interior, Doug Burgum, announced an agreement to cooperate in developing Venezuela’s mining sector. The high-level talks took place at the presidential palace in Caracas, marking the second visit by US officials since the January arrest of Nicolás Maduro.
Following a prior move to amend laws to open foreign investment in the oil sector, the Venezuelan government now plans similar reforms for mining in a bid to attract international involvement in managing the country’s natural wealth.
While the specifics of the reforms have not been outlined in detail, Jorge Rodríguez, Venezuela’s Speaker of the Congress and brother of the interim president, stated that the changes would permit “large foreign companies” to mine minerals as well as rare earths.
In addition to boasting the world’s largest proven oil reserves, Venezuela is rich in gold, diamonds, critical minerals, and rare earth minerals essential for the production of technology devices such as mobile phones.
However, the sector faces significant challenges. Illegal mining has expanded, drawing criticism from environmentalists due to deforestation and pollution. The rise of mining by criminal gangs and accusations of political corruption remain dark issues that the new administration will need to address.
In response to the talks, US President Donald Trump praised Delcy Rodríguez, saying she had done “a great job” and collaborated well with US representatives. Trump added that the two countries now enjoy an “excellent relationship” and hinted at benefits for the US from “hundreds of millions of barrels” of oil managed jointly.
Doug Burgum, who leads the US National Energy Dominance Council, accompanied by representatives from more than two dozen American mining firms, said: “They represent billions of dollars of investment and thousands of high‑paying jobs.”
In a joint statement at the presidential palace, Rodríguez urged parliamentarians to back the reforms so that investment could flow quickly, claiming that cooperation with the US had run very smoothly. “We are getting a perfect score in all respects… 20 out of 20,” Rodríguez said, referring to the satisfaction of the US with the cooperation to date.
Nevertheless, shadows of the past remain. The presidential palace still features images of Nicolás Maduro, including a new poster bearing the tag “#WeWantThemBack.” Maduro himself is scheduled to face trial in the United States at the end of March on charges of leading an international criminal organisation involved in illegal mining and drug trafficking—charges he has repeatedly denied.