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Venezuelan gold shipments to the US remain stuck over refiner refusals
The New York Times said shipments started in March after Trafigura struck a deal with Venezuela’s state-owned gold miner Minerven and about $100 million of gold was flown to the United States.
Hundreds of millions of dollars’ worth of Venezuelan gold shipped into the United States remains in storage because refiners are unwilling to process it, the New York Times reported.
The shipments began in March after Singapore-based commodities trader Trafigura reached a deal with Venezuela’s state-owned gold miner Minerven that gave it the right to buy and export gold from several industrial underground mines.
The Times said the Trump administration’s push to open Venezuela’s mineral sector involved Interior Secretary Doug Burgum overseeing the signing, and about $100 million worth of gold was flown to the U.S. within hours of the deal.
The New York Times also reported that some of the gold entering the supply chain was tied to miners paying protection money to gangs around Venezuela’s southern goldfields, and that refiners require documentation to meet international responsible-sourcing standards.
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