Venezuela’s state-owned mining company, Minerven, has entered into a multimillion-dollar agreement to sell up to 1,000 kilograms of gold destined for U.S. markets, according to Axios. U.S. Interior Secretary Doug Burgum, who arrived in Venezuela on Wednesday to discuss oil and mineral opportunities, helped shepherd the contract.
Under the agreement, Minerven will supply between 650 and 1,000 kilograms of gold dore bars with a final gold content of 98 percent. The gold will be transported to U.S. refineries under a separate arrangement with the U.S. government, one source said.
Following her meeting with Burgum, Delcy Rodríguez announced plans to reform Venezuela’s mining laws. In a post on X, she said she received Burgum at Miraflores Palace for talks focused on strengthening bilateral cooperation in energy and mining.
A source familiar with both the gold and oil agreements said the new structure benefits Venezuela by providing access to U.S. markets and a more stable financial system. The source added that prior arrangements were plagued by corruption involving black-market smugglers, but under the current framework, revenue from Venezuela’s resources will go directly to the government and its people.
The deal marks the third extraction agreement reached under the Trump administration’s supervision as the United States expands its involvement in Venezuela’s key natural resources, particularly oil. Contracts tied to those oil projects are valued at more than $1 billion.
