Particle.news
Download on the App Store
9 ARTICLES
·
2d ago

Venezuela Advances Mining Overhaul as U.S. Confirms $100 Million Gold Transfer and Clears Limited Deals With Minerven

Investor arbitration provisions plus U.S. licensing limits signal a tightly managed reopening of Venezuela’s resource trade.

FILE: A member of the military transportation agency unload gold bars from a plane for transport to the Central Bank of Venezuela in Caracas, Venezuela, on Thursday, March 22, 2018. The U.K., Spain, France and Austria recognized Venezuelan National Assembly leader Juan Guaido as the country’s interim president on Monday, joining an international push led by the U.S. censuring Nicolas Maduro and calling for new elections. Last week the embattled Maduro regime halted plans to ship 20 tons of Venezuelan gold overseas. The gold bars, which are worth about $850 million, had been weighed and separated for transportation, but will not be sent out anytime soon from the central bank’s vaults in Caracas, the person said. The blocking of the shipment comes just a week after the Bank of England denied Maduro officials’ request to withdraw $1.2 billion of gold stored there. Photographer: Manaure Quintero/Bloomberg
National Assembly President Jorge Rodriguez gestures during a debate on a mining bill at the National Assembly in Caracas, Venezuela, Monday, March 9, 2026. (AP Photo/Pedro Mattey)
National Assembly President Jorge Rodriguez holds up a document during a debate on a mining bill at the National Assembly in Caracas, Venezuela, Monday, March 9, 2026. (AP Photo/Pedro Mattey)
Image

Overview

  • Venezuela’s National Assembly held a first debate on a mining bill that opens the sector to private investment and independent arbitration, with the draft now headed to public comment and a second vote not yet scheduled.
  • The U.S. Treasury’s OFAC on March 6 authorized certain transactions with state miner Minerven under a targeted license that bars participants from Russia, Iran, North Korea and Cuba.
  • U.S. Interior Secretary Doug Burgum confirmed a $100 million shipment of Venezuelan gold arrived in the United States, describing it as part of the initial, licensed flow of precious minerals.
  • Burgum visited Caracas to meet acting President Delcy Rodríguez and U.S. mining and energy firms, saying Venezuelan authorities offered security assurances for operations in conflict-prone mining zones.
  • Commercial energy ties are restarting, with PDVSA reported to have signed new contracts to supply U.S. Gulf Coast refineries and U.S. officials saying Venezuelan oil is beginning to flow to the United States.