Coal production plunged to 350,000 short tons in 2024 from 8.7 million in 2000
The Daily Journal.- Glencore Plc, Peabody Energy Corp. and Heeney Capital are considering agreements to produce coal in Venezuela’s Zulia state. The talks have focused on operational control and offtake rights rather than direct ownership of the mines.
According to a Bloomberg Línea report, sources familiar with the matter said Glencore and Peabody are working together on a potential bid for assets in Zulia state. Meanwhile, Heeney, a New York-based investment firm, is considering a separate bid alongside Alabama-based mining company Drummond Co., which sent representatives to the region last month.
The moves come as the Trump administration broadens its push for access to the country’s resources beyond oil. Venezuela holds an estimated 730 million metric tons of coal reserves, among the largest in South America.
However, coal production in Venezuela plunged to 350,000 short tons in 2024 from 8.7 million in 2000, according to data from the U.S. Energy Information Administration (EIA).
OFAC Eases Sanctions on Venezuelan Coal
Coal production in Venezuela has become part of broader energy agreements following a regulatory boost on Sept. 2. The Office of Foreign Assets Control (OFAC) issued General Licenses 51D, 54C and 55A, authorizing certain commercial transactions and negotiations for new investments in the sector.
Peabody joined a U.S. mining delegation that traveled to Caracas in March.
With information from Bloomberg Línea
