Venezuela and US to work together on mining developments, Rodríguez says

March 5, 2026

Venezuela's interim government is preparing to reform its mining sector laws to attract foreign investment, particularly from US companies, following similar changes already made to its oil sector. US Secretary of the Interior Doug Burgum visited Caracas to meet with interim president Delcy Rodríguez, discussing cooperation on developing Venezuela's vast mineral resources, including gold, diamonds, and rare earth elements. This diplomatic engagement comes after the US seizure of former president Nicolás Maduro in January, who faces trial in March on charges related to criminal activities including illegal mining.

Who is affected

Venezuela's interim president Delcy Rodríguez and her government
US Secretary of the Interior Doug Burgum and the Trump administration
Nicolás Maduro (seized by US, awaiting trial)
Over two dozen American mining companies
Venezuelan citizens and workers (potential job creation mentioned)
Environmental groups concerned about deforestation and pollution
Criminal gangs involved in illegal mining operations
Venezuelan lawmakers who must approve the reforms

What action is being taken

Venezuela and the US are working together to develop mining in Venezuela
The Venezuelan government is planning reforms of its mining sector
Delcy Rodríguez is urging lawmakers to back the reforms
American mining companies are meeting with Venezuelan and US representatives
The US is "taking out" oil from Venezuela

Why it matters

This represents a significant geopolitical and economic shift in US-Venezuela relations following decades of tension. Venezuela possesses the world's largest proven oil reserves along with substantial deposits of gold, diamonds, and rare earth minerals critical for modern technology like mobile phones. The opening of Venezuela's mining and oil sectors to foreign investment could bring billions of dollars and create thousands of jobs while addressing the illegal mining crisis that has caused environmental destruction and empowered criminal organizations. The cooperation also consolidates US influence in the region while providing access to strategic natural resources.

What's next

Venezuela's Congress must approve the mining sector reforms
Details of the mining reforms will be revealed
Nicolás Maduro is due to stand trial in the US later in March
American companies representing billions of dollars are positioned to make investments once reforms pass

Read full article from source: BBC