The United States has taken a significant step in its foreign policy approach by issuing a license that authorises sales and business dealings with Venezuela's state-owned gold mining company, Minerven. This move, announced on Friday, 6th March 2026, signals the Trump administration's intent to exert greater control over Venezuela's natural resources, particularly in the context of global competition for critical minerals.
License Details and Security Assurances
The license was granted following a meeting in Venezuela between US Interior Secretary Doug Burgum and acting President Delcy Rodríguez earlier this week. During this visit, Burgum also engaged with representatives from more than two dozen US mining and minerals companies, many of which have historical operations in the region. According to Burgum, the Venezuelan government provided security assurances to these companies, addressing concerns over investment in mineral-rich areas that have long been dominated by guerrilla factions, gangs, and other illegal groups.
Exclusions and Strategic Objectives
Notably, the license explicitly prohibits people and companies from Russia, Iran, North Korea, and Cuba from entering into any contracts with Minerven. This restriction underscores the administration's broader strategy to defend against China's influence over critical minerals, which are abundant in Venezuela. The license is part of a plan to revitalise the long-troubled country, following the capture of former President Nicolás Maduro by US forces two months ago.
Broader Natural Resources Context
This development aligns with recent US actions on another natural-resources front. In a related move, the US has sought legal ownership of a sanctioned tanker and nearly 2 million barrels of petroleum seized off Venezuela's coast in December. Additionally, in January, Rodríguez signed a law opening Venezuela's oil sector to privatisation, further indicating shifts in the country's economic policies under US influence.
The issuance of this license represents a calculated effort by the Trump administration to leverage Venezuela's mineral wealth while excluding geopolitical rivals, marking a pivotal moment in US-Venezuela relations and global resource competition.
