Venezuela’s President Vows Mining Reform During Visit by US Interior Secretary
Venezuela’s interim President, Delcy Rodriguez, has pledged to submit a proposal to reform the country’s mining laws following talks with United States Interior Secretary, Doug Burgum, in Caracas.
The announcement came at the end of Burgum’s two-day visit, which is part of efforts by US President Donald Trump to expand oil and mineral production in the South American nation.
Speaking at the Miraflores Palace on Wednesday, Rodriguez said the proposed reforms would be presented to Venezuela’s legislature in the coming days. The move is expected to open up the country’s mining sector to increased foreign participation.
Burgum, who was accompanied by representatives of nearly a dozen companies, expressed optimism about deepening economic ties between both countries. He said the companies were interested in investing in Venezuela’s oil and mineral resources and were eager to reduce bureaucratic obstacles to facilitate capital inflows.
Venezuela possesses some of the world’s largest proven oil reserves, along with significant deposits of gold, copper, diamonds, and coltan. Burgum described the country as rich in both hydrocarbons and critical minerals, highlighting opportunities for collaboration.
The renewed engagement follows a controversial January 3 military operation that led to the arrest of former Venezuelan leader, Nicolas Maduro. The action drew criticism from United Nations experts, who described it as a serious breach of international law and Venezuelan sovereignty.
Since then, the Trump administration has moved to expand private sector access to Venezuela’s natural resources, some of which had previously been nationalised. In late January, Rodriguez signed legislation to broaden private investment in the state-controlled oil industry, a key demand from Washington.
Her administration has also reportedly transferred millions of barrels of oil to the US government for sale, with proceeds to be managed by the Trump administration.
While US officials describe the evolving partnership as mutually beneficial, critics argue that the arrangement risks undermining Venezuela’s sovereignty over its natural wealth. International law recognises each nation’s permanent sovereignty over its natural resources.
The US diplomatic mission in Caracas described Burgum’s visit as a vital and historic step under a three-phase plan aimed at strengthening cooperation and establishing a legitimate mining sector with secure supply chains for critical minerals.
Observers say the proposed mining reforms could reshape Venezuela’s economic landscape, particularly as the country grapples with longstanding economic challenges and an expanding informal mining sector.
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