US turns to Venezuela for critical minerals as ties restored

Venezuela and the United States are restoring diplomatic ties, the two countries announced on Thursday, signalling a thaw in relations following Washington’s removal of former president Nicolás Maduro.

The announcement came as US Interior Secretary Doug Burgum concluded a two-day visit to Venezuela, part of President Donald Trump’s push to secure greater access to the country’s vast mineral resources.

The re-establishment of diplomatic and consular relations “will facilitate our joint efforts to promote stability, support economic recovery and advance political reconciliation in Venezuela", the US State Department said.

“Our engagement is focused on helping the Venezuelan people move forward through a phased process that creates the conditions for a peaceful transition to a democratically elected government,” it added.

Venezuela’s foreign ministry said the country would “move forward into a new stage of constructive dialogue based on mutual respect, the sovereign equality of states and cooperation between our peoples", adding that the renewed ties would be “positive and mutually beneficial”.

The announcement came hours after Burgum, a member of Trump’s cabinet who heads the National Energy Dominance Council, said he had received assurances from Caracas that the government would guarantee the security of foreign mining companies interested in investing in the country.

Right kind of security

Burgum, who held talks with interim president Delcy Rodríguez during his visit, said dozens of companies had already expressed interest in investing in Venezuela.

“I think you’re going to see this government very concerned about providing the right kind of security,” Burgum said.

He told reporters his meetings were “fantastically positive” and predicted Venezuela would exceed its oil and gas production targets in 2026.

The Trump administration says it now effectively oversees Venezuela’s political transition and has access to the country’s vast natural resources following Maduro’s removal.

Burgum is the second senior US official to visit since the bombing raid on 3 January that left around 100 people dead and resulted in Maduro and his wife being flown to New York City to face trial on drug-trafficking charges.

In addition to oil, Venezuela possesses significant deposits of gold and diamonds, as well as bauxite, coltan and other rare minerals used in the manufacture of computers and mobile phones.

Much of the country’s mining activity is concentrated in the region known as the Orinoco Mining Arc, where armed groups remain active.

Burgum’s visit followed that of US Energy Secretary Chris Wright, who called for a “dramatic increase” in Venezuela’s oil production and highlighted what he described as “tremendous opportunities” for cooperation between Washington and Caracas.

The optimistic assessments from both officials — echoing Trump’s stance — reflect the dramatic shift in relations between the two countries since Maduro’s capture.

Trump has allowed Rodríguez, who served as Maduro’s vice-president, to assume the role of interim leader on the condition that she grants the United States access to Venezuela’s natural resources.

Venezuela holds the world’s largest proven oil reserves, and Rodríguez last month restructured the state-controlled oil sector to open the door to large-scale private investment. She is now also seeking to reform the country’s mining legislation.