US Lifts Sanctions On Minerals Industry Of Venezuela, Gains Greater Access To Gold, Diamonds, Bauxite

(MENAFN- Live Mint) The US Treasury Department said Friday that it had lifted more sanctions against Venezuela's gold and other mineral industries, as it pushes for greater access to the South American country's vast natural resources.

Washington is eager for US firms to move into Venezuela since its forces captured president Nicolas Maduro in January, and is pushing to restore diplomatic and trade ties under interim leader Delcy Rodriguez.

Besides gold and the world's largest oil reserves, Venezuela also produces diamonds, bauxite and rare earths such as coltan, crucial for a range of high-tech products.

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In a statement by the Treasury's Office of Foreign Assets Control, companies can now pursue contracts in the minerals sector, including with the state-owned gold miner Minerven.

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Much of Venezuela's minerals operations are concentrated in the Orinoco Mining Arc, a vast territory of around 112,000 square kilometers (43,000 square miles) where armed rebel groups and criminal gangs are active.

Key Takeaways

The lifting of sanctions allows US companies greater access to Venezuela's mineral resources. The Orinoco Mining Arc remains a volatile region due to the presence of armed rebel groups. Restoring trade ties with Venezuela may alter the geopolitical landscape in South America.

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