The US is exploring ways to increase its access to Venezuela’s minerals, including gold, as part of a broader effort to expand involvement in the South American country’s resource sectors, according to three sources familiar with internal discussions, reported Reuters.

The move follows involvement in Venezuela’s oil industry and could open the door to further US investment in mining and critical minerals.

Sources, who requested anonymity, said the US administration has considered a range of options to facilitate investment by US companies in Venezuela’s mining sector.

Among the steps under review is an executive order focused on critical minerals, although the order remains in draft form and could be revised.

Officials have also met with representatives from US mineral companies to assess interest in Venezuelan mining resources.

In March 2026, the US Treasury Department’s Office of Foreign Assets Control issued authorisations for certain transactions involving Venezuelan gold, including activities linked to the state-controlled miner Minerven.

These authorisations were later extended to other minerals of Venezuelan origin and permitted specific mining services and negotiations over potential investment contracts, effectively establishing a framework for US companies to enter the sector.

Efforts to increase US presence in Venezuela’s mining industry are part of a wider strategy to align the country’s resources with Washington’s economic and strategic interests, and to counter growing Chinese influence in Latin America.

Venezuela’s mineral sector, while estimated to contain substantial gold, iron ore, bauxite and nickel deposits, faces numerous challenges.

Much of the geological data is outdated, illegal mining is widespread and control over certain reserves remains uncertain.

A government report in 2018 estimated resources at 644t of gold, 14.68 billion tonnes of iron ore, 321.5 million tonnes of bauxite and 407,885t of nickel.

In April, Venezuela’s lawmakers approved a mining law to attract new investment, asserting government ownership over all mineral deposits and introducing a royalty rate of up to 13% on the gross production value.

Previous international investment has been affected by government decisions, including the non-renewal of Anglo American’s mining concession for the Loma de Niquel nickel site in 2012.