Venezuela opens its gold and gas-rich subsoil to the United States

"Since January 3, Venezuela has opened its natural resources to the United States. First it was oil. Crude extracted from Venezuelan wells has returned to what was for years its main customer, and Washington has reciprocated by granting the necessary licenses. Then, the Venezuelan parliament, led by Jorge Rodriguez, the brother of acting president Delcy Rodriguez, amended the hydrocarbons law, and a few days ago, the first contract with Shell was signed."

"U.S. Interior Secretary Doug Burgum paved the way during his two-day visit last week, which also included representatives from some 20 U.S. mineral companies, many of which operated in Venezuela in the past but ended up leaving due to expropriations during Hugo Chavez's tenure. Upon his return to Washington, a license was issued authorizing transactions with the Venezuelan state-owned gold mining company Minerven."

"Venezuela has got $500 billion of resources of gold, but they've also got other critical minerals. Bauxite for aluminum, which we need for defense and for consumer goods, the official said in an interview with a U.S. media outlet upon his return. They also have coal resources that can be used to generate energy."

Since January 3, Venezuela has systematically opened its natural resources sector to United States companies and investors. Oil extraction resumed with U.S. licenses granted, followed by amendments to hydrocarbons law enabling Shell's first contract. Mining operations are now following the same trajectory, with U.S. Interior Secretary Doug Burgum leading a delegation of approximately 20 mineral companies. A license authorizing transactions with state-owned gold mining company Minerven was issued, explicitly excluding Russia, Iran, North Korea, and Cuba. The first $100 million gold shipment arrived in the United States. Venezuela possesses substantial mineral reserves including $500 billion in gold, bauxite for aluminum production, and coal resources. Parliament is debating new mining legislation establishing rules for mineral resource management, addressing legal security, foreign investment, and contracting mechanisms.

Read at english.elpais.com