US Lifts Sanctions on Venezuela’s Minerals Sector, Including Gold
The US Treasury Department announced on Friday that it has lifted several sanctions against Venezuela’s gold and other mineral industries, as Washington seeks greater access to the South American country’s vast natural resources.
Since US forces captured President Nicolás Maduro in January, the United States has been eager for American companies to enter Venezuela and is actively working to restore diplomatic and trade ties under interim leader Delcy Rodríguez.
In addition to gold and the world’s largest proven oil reserves, Venezuela also produces diamonds, bauxite, and rare earth minerals such as coltan, which are critical for a wide range of high-tech products.
In a statement from the Treasury’s Office of Foreign Assets Control (OFAC), companies are now permitted to pursue contracts in the minerals sector, including with the state-owned gold miner Minerven.
A significant portion of Venezuela’s minerals operations are concentrated in the Orinoco Mining Arc, a vast territory spanning approximately 112,000 square kilometres (43,000 square miles), where armed rebel groups and criminal gangs remain active.
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