US eyes Venezuela’s vast mineral resources after major oil gains: Report

The Trump administration is set to expand the US access to Venezuela’s mineral wealth after tapping significant oil resources in a recent deal struck last month.

According to the sources privy to the matter and reported by Reuters, the US is seeking to tap into South country’s minerals including gold as an effort to strengthen its hold and influence over the country.

If the US succeeds in expanding its footprint in the Venezuelan mining sector, it would open the avenues of investment for the US companies, necessary for American national security.

Moreover, by leveraging Venezuela's resources, the Trump administration could align the South American country's natural resources with the US’ economic and strategic resources.

To materialize this, the US is set to step up its involvement in mining sectors bolstered by possible executive orders focused on critical minerals, as per sources.

"We are all watching the oil situation closely and recognize there could be a parallel track with critical ⁠minerals," said one of the sources.

Drafting of the order remains ongoing, and the administration's strategic approach to securing minerals in Venezuela could still shift, sources noted.

Additionally, US officials have met with corporate representatives to measure industry interest in investing in or engaging with Venezuela's mining sector.

Taylor Rogers, a White House spokeswoman, said the U.S. and Venezuela are "benefiting from renewed cooperation between ​our governments and new investments by Western companies in Venezuela’s key industries."

Last month’s deal included the US will take majority control of over 65 billion barrels of Venezuela's proven oil reserves.

The Trump administration’s latest push regarding minerals is seen as an effort to push back against China's dominance in the critical mineral sector.

The US and Venezuela's interim president, Delcy Rodriguez following Nicolas Maduro's ouster and detention in New York, have renewed diplomatic cooperation and Western investment to curb China's economic influence in Latin America.

Asset-level geological estimates suggest that Venezuela has roughly 2,343 metric tonnes (about 75 million troy ounces) of gold in the ground across 24 identified gold-bearing mines.