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The United States Treasury Department said it has eased sanctions on Venezuela’s gold and broader minerals sector, as part of efforts to expand access to the country’s vast natural resources.
Washington is seeking to encourage American companies to enter the Venezuelan market following recent political developments, including the detention of President Nicolas Maduro in January and moves to restore diplomatic and trade relations under interim leader Delcy Rodriguez.
The authorisation allows firms to pursue contracts across the sector, including dealings with the state-owned gold company, Minerven, according to the Treasury’s Office of Foreign Assets Control.
Beyond gold and its massive oil reserves, Venezuela is also rich in diamonds, bauxite and rare earth minerals such as coltan, which are critical for high-tech manufacturing.
Much of the country’s mining activity is concentrated in the Orinoco Mining Arc, a vast region spanning about 112,000 square kilometres, where armed groups and criminal networks are known to operate.
