Commodities multinational Trafigura has signed an agreement with Venezuelan state-owned company Minerven to acquire between 650 and 1,000 kilograms of Venezuelan gold in the form of doré bars, which will be sent to U.S. refineries under coordination with the U.S. government. The agreement is valued at more than $100 million at current prices.
A Deal Forged with Political Backing
The agreement was confirmed by the White House, which highlighted the participation of U.S. Secretary of the Interior Doug Burgum as a key figure in sealing the deal. Burgum recently traveled to Caracas, where he also held meetings with Venezuelan authorities to explore additional opportunities in the mining and energy sectors.
According to sources cited by Axios, this approach did not come out of nowhere. The negotiation reportedly began under President Donald Trump’s administration as part of a strategy to restore sectors of the Venezuelan economy and facilitate access to strategic minerals for the U.S. market.
The Destination: U.S. Refineries
The operation establishes that Venezuelan doré gold, a semi-pure alloy with approximately 98% gold content, will be sent directly to refineries on U.S. soil. Trafigura will act as the buyer and intermediary, while the U.S. government ensures regulatory compliance of the process.
Minerven Seeks to Recover Its International Standing
For Venezuela, the agreement represents an opportunity to reposition its mining industry in international markets after years of isolation. Minerven, the state-owned company responsible for gold extraction, will be able to leverage this commercial window to attract investment and obtain foreign currency liquidity.
According to sources close to the agreement, this would be just the first of several pacts aimed at boosting the Orinoco Mining Arc, a vast region rich in gold, diamonds, and strategic minerals.
Geopolitical implications
The pact symbolizes a significant shift in policy between both countries. After years of sanctions, the United States has begun to facilitate certain regulated operations, especially in sectors considered critically important for the energy transition or commercial stability.
Both governments have expressed their intention to continue cooperating on future initiatives that promote the development of the mining sector. With reserves of gold, diamonds, and rare minerals still untapped, Venezuela could become a relevant player in the global supply of critical resources for energy and electronic technologies.
Source: Reuters