WASHINGTON, DC – March 05, 2026 – The United States is expanding its strategic focus in Venezuela beyond oil, with US mining companies actively seeking to invest in the nation's vast mineral wealth. This move follows the US assertion of control over Venezuela's oil resources after the capture of Nicolas Maduro.

Interior Secretary Doug Burgum, leading an administration that claims effective control over Venezuela's natural resources, visited Caracas on Wednesday, March 04, 2026. He was accompanied by more than two dozen mining company executives, representing “billions of dollars in investments and billions of dollars in well-paid jobs,” according to Burgum. He stated that these companies are “eager to get started, and they are eager to cut the red tape to allow that capital investment to flow.”

Burgum's visit, under the auspices of President Donald Trump’s National Energy Dominance Council, underscores the significant shift in US-Venezuelan relations. This follows a January 3 bombing raid that resulted in approximately 100 deaths and led to Maduro and his wife being taken to New York for trial on US drug trafficking charges. Burgum is the second senior US official to visit Caracas since these events.

The opportunities for collaboration, as described by Burgum, are “unlimited.” This engagement comes less than a month after Energy Secretary Chris Wright’s visit, where he advocated for a “dramatic increase” in Venezuela’s oil output.

President Trump has permitted Maduro's vice president, Delcy Rodriguez, to assume the role of interim president, contingent on her compliance with US directives regarding access to Venezuela’s natural resources. In a diplomatic reset, the US Department of Transportation on Wednesday authorized Envoy Air, an American Airlines subsidiary, to resume direct flights to Caracas and the oil city of Maracaibo from Miami. These flights mark the first direct air links between the two countries since 2019, a period that saw a sharp deterioration in US-Venezuela ties during Trump’s first presidency.

Focus on Critical Minerals

While initial US attention has centered on Venezuela’s substantial oil reserves, the world's largest proven, Burgum highlighted the country’s rich deposits of “critical minerals.” Beyond gold and diamonds, Venezuela possesses significant quantities of bauxite and coltan. Coltan is a vital mineral containing a metal essential for the production of mobile phones, laptops, and other electronic devices.

Mining activities are largely concentrated in the southeastern Orinoco arc region. Environmental concerns have been raised regarding illegal mining in the area, which has been linked to widespread deforestation and river pollution.

Interim President Delcy Rodriguez, who recently restructured the state-controlled oil sector to attract private investment, is reportedly planning to update the mining code. While specific details are scarce, her brother, congress speaker Jorge Rodriguez, indicated on Monday that the reforms would permit “large foreign companies” to exploit minerals and rare earth elements.

Praise and New Contracts

Rodriguez’s adherence to US demands has garnered significant praise from President Trump. In a post on his Truth Social account on Wednesday, he commended her for “doing a great job and working with US Representatives very well.” He added, “The Oil is beginning to flow, and the professionalism and dedication between both Countries is a very nice thing to see.”

Rodriguez, in turn, expressed gratitude on Telegram for the US administration's “kind willingness to work together for ‘the benefit of the people of the United States and Venezuela.’”

On Tuesday, the Venezuelan state oil firm PDVSA announced the signing of new oil contracts with the United States. Since January, PDVSA has reportedly shipped over 80 million barrels of crude to the US, according to Trump. These new supply deals emerge amidst concerns over potential declines in global oil output due to the conflict in the Middle East, which has already driven crude prices to their highest levels in 18 months.