The United States is shifting its focus beyond Venezuelan oil to secure access to the country’s critical mineral reserves, with Interior Secretary Doug Burgum leading a delegation of over two dozen mining executives to Caracas on Wednesday, March 4.
Burgum’s visit represents the latest step in Washington’s efforts to exploit Venezuela’s natural resources following the January 3 bombing raid that killed around 100 people and led to the capture of former president Nicolas Maduro, who was flown to New York to face drug trafficking charges.
The Interior Secretary, who leads President Donald Trump’s National Energy Dominance Council, arrived in the Venezuelan capital with mining company representatives he said were ready to invest “billions of dollars” and create “billions of dollars in well-paid jobs.”
“They are eager to get started, and they are eager to cut the red tape to allow that capital investment to flow,” Burgum said after meeting with interim president Delcy Rodriguez, Maduro’s former vice president who Trump has allowed to serve as interim leader in exchange for compliance with US directives on resource access.
While Washington’s initial attention centered on Venezuela’s vast oil reserves, the largest proven reserves in the world, Burgum made clear that minerals are now a priority.
“Venezuela is also rich in critical minerals,” Burgum noted, referencing the country’s significant deposits of gold, diamonds, bauxite and coltan, a mineral containing metals used in mobile phones, laptops and other electronics.
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Most mining activity in Venezuela is concentrated in the Orinoco arc, a vast southeastern region rich in mineral deposits.
Burgum described the opportunities for collaboration between Washington and Caracas as “unlimited,” echoing the optimism of Energy Secretary Chris Wright, who visited Venezuela less than a month ago pushing for a “dramatic increase” in oil output.
The diplomatic reset has extended beyond resource deals.
On Wednesday, the US Department of Transportation authorized American Airlines subsidiary Envoy Air to operate direct flights between Miami and both Caracas and the oil city of Maracaibo, the first direct air links between the two countries since 2019.
Venezuela’s state oil company PDVSA announced new oil contracts with the United States on Tuesday. Since January, the company has already shipped more than 80 million barrels of crude to the US, according to Trump.
The increased supply comes amid concerns about global oil output falling due to the ongoing war in the Middle East, which has already pushed crude prices to their highest levels in 18 months.