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U.S. weighs involving firms in Venezuela critical minerals alongside oil
The administration is exploring a parallel track for gold and critical minerals, aiming to support U.S. defense and reduce China and Russia influence in Venezuela, sources told Reuters.
After the U.S. administration moved to take majority control of Venezuela’s 65 billion barrels of proven crude oil reserves in what President Donald Trump described as the biggest oil deal in world history, it is also considering steps to draw U.S. companies into Venezuela’s gold and critical minerals sector, Reuters reported.
The administration has held initial meetings with firms to gauge interest in engaging in Venezuela’s mining industry, according to sources familiar with the plans cited by Reuters. The goal is to help secure metals used for defense technology and applications that do not rely on China.
Reuters also noted that while the oil reserve picture is clearer to operators, mining Venezuela’s minerals would likely be more complex because detailed mineral reserve data is less certain. An executive from a critical minerals firm told Reuters that the U.S. is watching the oil situation closely and sees potential for a parallel critical minerals track.
The reporting framed the minerals effort as a way to counter Chinese and Russian influence in Venezuela, which sources linked to ousted leader Nicolas Maduro, deposed and arrested by the U.S. in January.
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