US Interior Secretary Doug Burgum confirmed that Washington received more than $100 million worth of gold from Venezuela on Friday after the US issued a licence authorising dealings with Minerven, Venezuela’s state-owned gold mining company.
Speaking to Fox News about how the US plans to explore Venezuela’s rare earth minerals, Burgum said that since US President Donald Trump had promised a “golden age of abundance,” the first critical mineral coming from Venezuela would be solid gold bars.
“On Friday, $100 million worth of gold came from Venezuela to the US, both for industrial purposes and other commercial uses. Venezuela has around $500 billion worth of gold resources, but it also has other critical minerals such as bauxite and aluminium, which we need for defence and consumer goods. It also has coal resources that can help generate power. These resources can help us win the AI arms race with China,” Burgum said.
Stating that the people of Venezuela would thank Trump, Burgum said, “When we were there last week with oil and gas executives and top mining executives, they were excited to get back to Venezuela and explore the great opportunities available there.
“The people of Venezuela are going to dedicate a statue to Trump because he is going to reopen their economy after more than two decades. The enthusiasm in Venezuela about their future is high.”
On Friday, Burgum met with acting Venezuelan President Delcy Rodríguez as well as representatives from more than two dozen US mining and minerals companies, many of which previously operated in the country.
After the meeting, Burgum said Venezuela’s government had given security assurances to mining companies interested in investing in the country, where mineral-rich areas have long been controlled by guerrilla groups, gangs and other illegal actors.
Under the licence, individuals and companies from Russia, Iran, North Korea and Cuba are not authorised to enter into contracts with Minerven.
The Trump administration is seeking to counter China’s dominance in critical minerals, some of which are abundant in Venezuela. The licence is part of Washington’s broader effort to revive Venezuela’s resource sector following the capture of then-President Nicolás Maduro two months ago.