The Fort Worth Press - After oil, US moves to secure access to Venezuelan minerals

USD -
AED 3.672498
AFN 65.504849
ALL 80.577087
AMD 365.860278
ANG 1.789783
AOA 917.000424
ARS 1491.75645
AUD 1.415397
AWG 1.80125
AZN 1.702571
BAM 1.696734
BBD 2.015728
BDT 122.843622
BGN 1.696366
BHD 0.377075
BIF 2998
BMD 1
BND 1.280933
BOB 11.734342
BRL 5.200393
BSD 1.000794
BTN 95.468406
BWP 13.472141
BYN 3.009929
BYR 19600
BZD 2.012779
CAD 1.392425
CDF 2273.00005
CHF 0.814065
CLF 0.023236
CLP 914.499139
CNY 6.743201
CNH 6.74428
COP 3125.59
CRC 449.393362
CUC 1
CUP 26.5
CVE 96.097355
CZK 20.9984
DJF 178.218681
DKK 6.480598
DOP 58.500592
DZD 132.925576
EGP 50.179799
ERN 15
ETB 161.890385
EUR 0.86692
FJD 2.212449
FKP 0.740201
GBP 0.74105
GEL 2.60983
GGP 0.740201
GHS 11.075014
GIP 0.740201
GMD 73.503608
GNF 8774.999769
GTQ 7.628599
GYD 209.38434
HKD 7.84725
HNL 26.830633
HRK 6.532499
HTG 130.904201
HUF 315.099503
IDR 17869
ILS 2.962965
IMP 0.740201
INR 95.40155
IQD 1311.025996
IRR 1374587.502337
ISK 123.279732
JEP 0.740201
JMD 158.336044
JOD 0.708973
JPY 159.484505
KES 129.380111
KGS 87.450258
KHR 4047.501402
KMF 426.999701
KPW 900.000294
KRW 1419.350245
KWD 0.30881
KYD 0.834053
KZT 465.738688
LAK 22565.000186
LBP 89549.999911
LKR 333.612392
LRD 181.649675
LSL 16.20377
LTL 2.95274
LVL 0.60489
LYD 6.359924
MAD 9.308499
MDL 17.373275
MGA 4310.91697
MKD 53.362649
MMK 2099.846019
MNT 3597.969266
MOP 8.08894
MRU 40.104973
MUR 47.149409
MVR 15.450173
MWK 1736.000212
MXN 17.03136
MYR 4.0864
MZN 63.910212
NAD 16.201257
NGN 1360.610236
NIO 36.82706
NOK 9.503797
NPR 152.752101
NZD 1.70711
OMR 0.384494
PAB 1.000794
PEN 3.377159
PGK 4.42879
PHP 61.353982
PKR 277.795321
PLN 3.73725
PYG 5973.01084
QAR 3.635016
RON 4.540599
RSD 101.711976
RUB 83.066008
RWF 1474.223003
SAR 3.743113
SBD 8.064941
SCR 13.765481
SDG 600.502424
SEK 9.557505
SGD 1.280275
SHP 0.740866
SLE 24.549828
SLL 20969.499227
SOS 571.973887
SRD 37.722501
STD 20697.981008
STN 21.254723
SVC 8.756946
SYP 13001.999906
SZL 16.149252
THB 33.180338
TJS 9.247366
TMT 3.51
TND 2.934571
TOP 2.40776
TRY 47.869903
TTD 6.786763
TWD 32.139098
TZS 2645.502973
UAH 44.737671
UGX 3715.737009
UYU 40.062929
UZS 11954.697077
VES 765.39797
VND 26075
VUV 118.594628
WST 2.730779
XAF 569.073676
XAG 0.015471
XAU 0.000229
XCD 2.70255
XCG 1.803702
XDR 0.707757
XOF 569.06874
XPF 103.462785
YER 237.149534
ZAR 16.183898
ZMK 9001.195179
ZMW 18.815201
ZWL 321.999592
  • RBGPF

    -0.8200

    71.34

    -1.15%

  • CMSC

    0.0250

    21.475

    +0.12%

  • JRI

    -0.0300

    12.68

    -0.24%

  • BCC

    -0.1200

    84.13

    -0.14%

  • BCE

    0.1900

    23.32

    +0.81%

  • NGG

    0.5200

    81.2

    +0.64%

  • RYCEF

    -0.3900

    20.71

    -1.88%

  • CMSD

    0.0000

    21.59

    0%

  • RIO

    -3.0200

    98.2

    -3.08%

  • VOD

    0.1300

    16.22

    +0.8%

  • RELX

    0.1200

    34.67

    +0.35%

  • BTI

    1.5100

    57.35

    +2.63%

  • GSK

    0.1500

    50.45

    +0.3%

  • BP

    -0.1000

    42.83

    -0.23%

  • AZN

    -1.2600

    157.24

    -0.8%

After oil, US moves to secure access to Venezuelan minerals
After oil, US moves to secure access to Venezuelan minerals / Photo: © AFP

After oil, US moves to secure access to Venezuelan minerals

US mining companies are lining up to invest in Venezuela, Interior Secretary Doug Burgum said during a visit to Caracas on Wednesday as he pushed for greater access to critical minerals.

Text size:

Burgum represents an administration which says it in effect runs Venezuela and controls its vast natural resources like oil after toppling Nicolas Maduro.

Burgum is the second senior US official to visit Caracas since the American bombing raid on January 3 that left around 100 people dead and saw Maduro and his wife flown to New York for trial on US drug trafficking charges.

Burgum was accompanied by over two dozen mining company executives who he said represented "billions of dollars in investments and 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 talks with interim president Delcy Rodriguez.

Burgum, who leads President Donald Trump's National Energy Dominance Council, described the opportunities for collaboration between Caracas and Washington as "unlimited."

His visit comes under a month after that of Energy Secretary Chris Wright, who pushed for a "dramatic increase" in Venezuela's oil output and talked up "tremendous opportunities" for both Washington and Caracas.

The enthusiastic assessments of both men, which have been echoed by Trump, reflect the sea change in relations between Washington and Caracas since the capture of Maduro.

Trump has allowed Maduro's vice president, Rodriguez, to move up to interim leader so long as she obeys him and his orders for access to Venezuela's natural resources.

In yet another sign of the diplomatic reset, the US Department of Transportation on Wednesday authorized an American Airlines subsidiary, Envoy Air, to operate direct flights to Caracas and the oil city of Maracaibo from Miami.

The flights will be the first to directly link the two countries since 2019, when US-Venezuela ties deteriorated sharply during Trump's first presidency.

- Gold and coltan -

While Washington's attentions have so far been devoted to oil, of which Venezuela has the world's largest proven reserves, Burgum noted that the South American country was "also rich in critical minerals."

Apart from gold and diamonds, Venezuela boasts significant deposits of bauxite and coltan, a mineral that contains a metal used in mobile phones, laptops and other electronics.

Mining activity is concentrated in a vast southeastern territory known as the Orinoco arc.

Environmentalists have condemned the expansion of illegal mining in the area, saying it has caused rampant deforestation and river pollution.

Rodriguez, who last month overhauled the state-controlled oil sector to enable a wave of private investment, has set her sights on updating the mining code.

Few details of her plans have been revealed so far but her brother, congress speaker Jorge Rodriguez, said Monday the reform would allow "large foreign companies" to exploit minerals and rare earth elements.

- 'Doing a great job' -

Rodriguez's compliance with US demands have drawn lavish praise from Trump, who had threatened her with violence if she does not toe his line.

Writing on his Truth Social account on Wednesday he said she was "doing a great job and working with US Representatives very well."

"The Oil is beginning to flow, and the professionalism and dedication between both Countries is a very nice thing to see," he wrote.

Rodriguez for her part thanked Trump on Telegram for his administration's "kind willingness to work together for "the benefit of the people of the United States and Venezuela."

On Tuesday, Venezuelan state oil firm PDVSA announced the signing of new oil contracts with the United States.

Since January, PDVSA has already shipped more than 80 million barrels of crude to the United States, according to Trump.

The new supply deals come amidst fears of a fall in global oil output due to the war in the Middle East, which has already pushed crude prices to their highest levels in a year and a half.

T.Mason--TFWP