The Daily Journal.— President Donald Trump’s administration seeks greater U.S. access to Venezuela’s mineral resources, including gold, after securing control over 65 billion barrels of the South American country’s proven oil reserves.
In that regard, the U.S. administration has expanded its efforts to gain influence over the Caribbean nation’s vast natural resources beyond hydrocarbons, according to three sources cited by Reuters.
The White House’s new push to gain access to Venezuela’s minerals could open the country’s mining sector to U.S. investment. American companies could gain supplies that are crucial to national security, in addition to oil, according to the sources, who requested anonymity.
These interests form part of a strategy to align the country’s resources with Washington’s strategic and economic interests following the capture of Venezuelan leader Nicolás Maduro on January 3.
U.S. considers executive order to access Venezuela’s minerals
The Trump administration has considered several measures to increase U.S. participation in Venezuela’s mining sector, including a possible executive order focused on critical minerals.
U.S. officials have met with companies to gauge their interest in investing in Venezuela’s mining sector. “We are all closely watching the oil situation and recognize that there could be a parallel path with critical minerals,” said one of the sources, an executive at a critical minerals company who met with administration officials.
However, a White House official told Reuters that the administration does not need an executive order, arguing that existing laws provide a strong framework for investment.
The United States is pursuing greater control over Venezuela’s mineral resources as influence shifts across Latin America. The effort forms part of Trump’s broader strategy to counter China’s growing economic presence in the region.
The U.S. administration has already taken steps to open Venezuela’s mining sector. In March, OFAC authorized certain transactions involving Venezuelan gold and later expanded the authorization to cover other minerals.
With its enormous oil reserves and potentially significant deposits of gold and other minerals, Venezuela offers the Trump administration an opportunity to link access to natural resources with its national security agenda.
With information from Reuters
