US Interior Secretary Doug Burgum arrived in Caracas on Wednesday accompanied by over two dozen mining company executives, pushing for greater American access to Venezuela's vast mineral wealth as Washington deepens its grip on the country's natural resources following the removal of Nicolas Maduro.
Burgum, who leads President Donald Trump's National Energy Dominance Council, said the executives represented "billions of dollars in investments and billions of dollars in well-paid jobs." He described the opportunities for collaboration between Washington and Caracas as "unlimited" after talks with interim president Delcy Rodriguez. "They are eager to get started, and they are eager to cut the red tape to allow that capital investment to flow," he said.
Burgum represents an administration which says it in effect runs Venezuela and controls its natural resources after the American bombing raid on January 3 that left around 100 people dead and saw Maduro and his wife flown to New York for trial on US drug trafficking charges. His visit comes under a month after that of Energy Secretary Chris Wright, who pushed for a "dramatic increase" in Venezuela's oil output and talked up "tremendous opportunities" for both countries.
The enthusiastic assessments of both men reflect the sea change in relations between Washington and Caracas since Maduro's capture. In yet another sign of the diplomatic reset, the US Department of Transportation on Wednesday authorised an American Airlines subsidiary, Envoy Air, to operate direct flights to Caracas and the oil city of Maracaibo from Miami, the first direct link between the two countries since 2019.
While Washington's focus has so far been on oil, of which Venezuela holds the world's largest proven reserves, Burgum noted the country was "also rich in critical minerals." Venezuela boasts significant deposits of gold, diamonds, bauxite, and coltan, a mineral containing a metal used in mobile phones, laptops, and other electronics. Mining activity is concentrated in a vast southeastern territory known as the Orinoco arc. Environmentalists have condemned the expansion of illegal mining in the area, saying it has caused rampant deforestation and river pollution.
Rodriguez, who last month overhauled the state-controlled oil sector to enable a wave of private investment, has set her sights on updating the mining code. Few details have been revealed so far, but her brother, congress speaker Jorge Rodriguez, said on Monday the reform would allow "large foreign companies" to exploit minerals and rare earth elements.
Rodriguez's compliance with US demands has drawn lavish praise from Trump, who had previously threatened her with violence if she did not toe his line. Writing on his Truth Social account on Wednesday, he said she was "doing a great job and working with US Representatives very well." "The Oil is beginning to flow, and the professionalism and dedication between both Countries is a very nice thing to see," he wrote. Rodriguez thanked Trump on Telegram for his administration's "kind willingness to work together for the benefit of the people of the United States and Venezuela."
On Tuesday, Venezuelan state oil firm PDVSA announced the signing of new oil contracts with the United States. Since January, PDVSA has already shipped more than 80 million barrels of crude to the United States, according to Trump. The new supply deals come amid fears of a fall in global oil output due to the war in the Middle East, which has already pushed crude prices to their highest levels in a year and a half.
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