US Lifts Sanctions on Venezuela’s Gold and Mineral Sectors to Boost Trade Ties

The US Treasury Department has officially lifted sanctions against Venezuela’s gold and mineral industries, signaling a major push by Washington to secure greater access to the South American nation’s vast natural resources.

The move by the Treasury’s Office of Foreign Assets Control (OFAC) now allows international firms to pursue contracts within the minerals sector. 

This includes authorization to engage with the state-owned gold mining company, Minerven.

The policy shift follows the January capture of President Nicolas Maduro by US forces and reflects Washington’s urgent efforts to restore diplomatic and trade ties under interim leader Delcy Rodriguez. 

In addition to holding the world’s largest oil reserves, Venezuela is a significant producer of gold, diamonds, bauxite, and rare earth minerals such as coltan—a critical component for high-tech manufacturing.

Much of these mineral operations are concentrated in the Orinoco Mining Arc, a massive territory spanning approximately 112,000 square kilometers. 

However, experts note that operating in this region remains a challenge, as various armed rebel groups and criminal syndicates maintain an active presence throughout the mining zone.

Source: AFP