Overview
- U.S. Treasury’s sanctions office issued three licenses that let U.S. companies negotiate contracts and invest in Venezuela’s mining sector, including extraction, processing and refining.
- The authorizations cover gold and other strategic minerals such as diamonds, bauxite, coltan and rare earths used in batteries, electronics and defense gear.
- Deals with people or firms linked to Russia, Iran, North Korea, Cuba or China are explicitly prohibited under the new licenses.
- The opening spotlights the Arco Minero del Orinoco, a 112,000-square-kilometer belt rich in minerals yet long marred by illegal mining and armed groups.
- Venezuela’s National Assembly advanced a new mining law but delayed final approval, while U.S. Interior Secretary Doug Burgum said about $100 million in Venezuelan gold reached the U.S. for industrial use.