U.S. Tightens Grip on Venezuelan Gold Mining

The United States has issued a license authorizing transactions with Minerven, Venezuela's state-owned gold mining enterprise. This step showcases the Trump administration's determination to exert greater control over the South American country's lucrative natural resources.

The license followed U.S. Interior Secretary Doug Burgum's meetings with Venezuela's acting President Delcy Rodríguez and representatives from over two dozen U.S. mining and minerals firms. Assurance of security for investing companies was provided by the Venezuelan government, a country where mineral-rich areas have been under the sway of guerrillas and illegal groups.

Individuals and businesses from Russia, Iran, North Korea, and Cuba are barred from contracting with Minerven under this new directive. This is part of the administration's broader strategy to lessen China's dominance in critical minerals, many of which are abundant in Venezuela. Additionally, the U.S. has moved to seize a tanker and nearly 2 million barrels of petroleum.