The United States (US) is looking to expand its access to Venezuela’s mineral resources, including gold, after securing a stronger position in the country’s oil sector. 

The move is part of the Trump administration’s broader effort to increase US control over strategic resources while reducing China’s influence in Latin America.

According to people familiar with the matter, the US administration is encouraging American companies to invest in Venezuela’s mining industry and is considering executive measures that could make it easier for US businesses to enter the sector. Venezuela has significant deposits of gold, iron ore, bauxite and nickel, although much of the country’s geological data is outdated.

Gold is expected to be a major focus. Venezuela has large gold deposits, particularly around the Orinoco Mining Arc, but illegal mining and the presence of armed groups have made the region difficult to operate in. The US believes updated geological surveys could help determine how much of Venezuela’s mineral wealth can be commercially extracted.

The latest push follows Washington’s growing involvement in Venezuela’s oil industry. President Donald Trump recently said the US had secured majority control of more than 65 billion barrels of Venezuela’s proven oil reserves through a partnership with private businesses. 

Chevron has also committed to expanding its Venezuelan operations, with a planned investment of around $7 billion to increase production.

The US Treasury has already authorised limited transactions involving Venezuelan-origin minerals to encourage investment. Venezuela’s interim government has also introduced a new mining law that keeps mineral deposits under state ownership while allowing foreign investors to participate through contracts and pay royalties.

The development highlights the growing competition between the US and China for access to strategic natural resources. While greater foreign investment could help Venezuela revive its mining sector and attract much-needed capital, critics have warned that the expanding US role could leave the country heavily dependent on American businesses and influence.

For Washington, however, securing access to Venezuela’s minerals could strengthen its position in the global race for gold and other strategic resources, while giving US companies a larger role in one of Latin America’s most resource-rich economies.

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