U.S. Interior Secretary Doug Burgum arrived in Caracas this week leading a delegation of officials and representatives from the private sector to explore opportunities for cooperation in mining and natural resources, amid a renewed economic rapprochement between Washington and Venezuela. During the two-day visit, Burgum held meetings with Venezuelan authorities and local business leaders to discuss potential investments in strategic minerals, gold, and other resources in the country, in a context marked by legal reforms aimed at attracting foreign capital and revitalizing key sectors of the economy.
During the meeting with Delcy Rodríguez, she announced that her economic team will present an expansion of the Mining Law to the National Assembly in the coming days with the aim of attracting foreign investment and opening new development opportunities in the sector.
“We want to ask for the collaboration of all the members of the National Assembly to act swiftly and present the Venezuelan people and national and international business sectors with the investment and development opportunities in the mining sector,” Rodríguez stated. The legislative reform had already been announced by the President of the National Assembly, Jorge Rodríguez, who indicated that the legislature is working on changes to the legal framework regulating mining to allow for greater foreign investment in the sector.
The rare earths catalog
According to The New York Times , the talks in Caracas revolved around extending licenses for companies like Chevron and the potential entry of new players operating under a framework of enhanced legal protections. However, while oil dominates the headlines, the true strategic focus of this visit lies beneath the Guiana Shield, as outlets like ABC News have pointed out. According to Reuters, Burgum’s agenda included specific discussions on critical minerals: nickel, coltan, rare earth elements, and potentially lithium. Control of the supply chains for these materials—many of them essential for new technologies, chips, and renewable energy—has become crucial in the competition with China for strategic control of emerging sectors.
Rare earth elements, 17 chemical components, are the invisible foundation of the United States’ technological and military supremacy. Currently, China controls more than 80% of the processing of many of these minerals, which are essential for technologies ranging from semiconductors to electric vehicle batteries and advanced defense systems. They are indispensable for manufacturing critical components, from high-power magnets used in F-35 fighter jet engines and missile guidance systems to lasers and satellite communication equipment.
American national security depends directly on a steady flow of these materials; without them, the defense industrial base would be paralyzed, losing its competitive advantage against adversaries who have invested decades in securing their own reserves.
For Washington, this dependence represents a geopolitical Achilles’ heel, as Beijing has demonstrated its willingness to use export quotas as a tool of political pressure. Therefore, identifying deposits in allied or nearby territories, such as the potential deposits in Venezuela’s Guiana Shield, has become a top priority. Securing a supply source in the Western Hemisphere not only reduces logistical costs but also protects the U.S. energy transition and critical infrastructure from any embargo or military escalation in the Pacific.
The visit to Caracas seeks to establish a framework for “technical cooperation” – as the U.S. Embassy called it on its social media – that will allow American companies to explore and exploit these resources. It is a full-fledged mining nearshoring: if the minerals are in the United States’ backyard, there is no reason to depend on a supply chain that crosses the Pacific.
Burgum, golden boy
But beyond critical minerals, the US news outlet Axios reports that the visit has also opened doors for Venezuelan gold: the Venezuelan state-owned mining company Compañía General de Minería de Venezuela (Minerven) signed a multimillion-dollar agreement to sell between 650 and 1,000 kilograms of doré gold bars to the international commodities trader Trafigura, destined for the US market, according to the outlet, citing sources familiar with the negotiations. The contract stipulates that the metal—with approximately 98% gold content—will subsequently be sent to refineries in the United States under a separate agreement between Trafigura and the US government.
Burgum also stated that he traveled to Venezuela accompanied by representatives from more than two dozen mining and mineral companies. These included Peabody Energy, Hartree Partners, and Trafigura. During the visit, he explained, he held meetings in Caracas with major international oil and gas companies, as well as with executives from prominent Venezuelan companies and banks. However, access to the country’s vast mineral resources—many of them in the Orinoco Mining Arc, an area three times the size of Switzerland in the south of the country where various state and non-state groups operate mines amid reports of violence and environmental destruction—presents significant challenges.
On Thursday, at a press conference attended by Ecosistema, the secretary was asked about the risks of corruption and security—including the presence of armed groups involved in illegal mining in some regions. Burgum stated that companies interested in entering or returning to the country have proven track records of integrity. He added that the new mining legislation will represent an opportunity to generate employment and develop formal projects in the sector.
According to the official, the Venezuelan government has conveyed its commitment to guaranteeing the safety of companies wishing to explore or reactivate operations in mining areas. “We heard assurances in yesterday’s and today’s meetings that if companies want to access these areas, conduct due diligence, and evaluate reopening mines—even those that were operating 15 or 20 years ago—the government will ensure their protection,” he stated.
However, the secretary did not specify any plans or strategies for U.S. companies to enter these territories controlled by non-state groups or to address the violence in the area, which includes some of the most violent municipalities in the country. In fact, the environmental NGO SOS Orinoco warned that any international agreement to trade Venezuelan gold must be subject to strict transparency and traceability controls. SOS Orinoco pointed out that much of the gold extracted in southern Venezuela is linked to illegal mining, environmental devastation, and organized crime networks operating in the Orinoco Mining Arc.
“Venezuela is emerging from decades of opaque and criminal governance,” said Cristina Burelli, executive director of the organization. “If Venezuelan gold is now entering international markets with U.S. participation, Venezuelans and the international community deserve full disclosure—dollar for dollar and kilogram for kilogram.” Burelli also warned that “mining cannot be treated like Venezuela’s oil sector. Without transparency and traceability from the outset, the world risks financing the same criminal networks Venezuela is trying to dismantle.”
Meanwhile, at Maiquetía Airport near Caracas, under the strong Caribbean sun, Burgum added that he is optimistic about the climate for new investments, not only in offshore oil and gas and not only in Caracas, but also in inland regions of the country where significant mineral resources are concentrated. He also announced that general licenses for the mining industry, similar to those already granted to the oil sector, will soon be issued.
