Venezuela’s state-owned Minerven has finalized a multimillion-dollar agreement to sell between 650 and 1,000 kilograms of gold dore bars to global commodities trader Trafigura, according to individuals familiar with the contract. The arrangement, intended for shipment to American refineries, marks a significant step in expanding economic engagement between Venezuela and the U.S.
Under the terms of the contract, Minerven will provide the gold to Trafigura, which will then facilitate the metal’s processing in the United States through a separate agreement involving the U.S. government. This development comes as the Trump administration increases commercial ties with Venezuela, following a shift in control of the country’s oil sector.
The U.S. Interior Secretary, Doug Burgum, played a key role in guiding final stages of the gold transaction during his visit to Venezuela. This newly signed gold contract is the third resource extraction deal overseen by the Trump administration, which recently assumed effective control over Venezuela’s oil industry. Trafigura also serves as a partner in prior oil agreements valued at over $1 billion.
Venezuelan interim President Delcy Rodriguez announced that the government plans to submit proposed reforms to the main mining law in the near future. The announcement followed her meeting with Burgum in Caracas, where both officials highlighted expanded resource cooperation and mutual efforts to foster additional investment opportunities.
Burgum’s trip is part of an ongoing U.S. initiative to encourage greater American participation in Venezuela’s resource sectors, including oil, natural gas, and mining, after the Trump administration took further action in Venezuela earlier this year.
