Rodríguez and Burgum gave a joint press conference in Miraflores Palace. (AFP)
Caracas, March 5, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez met Wednesday with US Interior Secretary Doug Burgum at the Miraflores Presidential Palace in Caracas to discuss a bilateral agenda focused on energy and mining.
Senior officials from both countries also attended a closed-door meeting, including US Chargé d’Affaires Laura Dogu and Venezuelan Interior Minister Diosdado Cabello. Rodríguez and Burgum later gave a joint press conference.
“We welcomed Burgum to address important aspects related to metallic, non-metallic, strategic and non-strategic minerals,” the acting president told reporters. “We want the Venezuelan people to see the advantage of having good relations with the world and with the United States.”
Rodríguez said that her economic team will soon present a proposal to the National Assembly to “expand” Venezuela’s Mining Law, urging lawmakers to reform it “swiftly” in order to showcase “investment and development opportunities in the mining sector” to both domestic and international business groups.
Venezuela’s current mining legislation was approved in 1999. Rodríguez noted that the government intends to replicate the “win-win formula” of the recent hydrocarbon reform approved on January 29, which introduced wide-reaching benefits for foreign capital in the oil sector.
Under the overhauled legislation, private operators get expanded control over operations, with limited parliamentary oversight and a reduced tax burden.
Rodríguez also thanked US President Donald Trump for a social media post praising the Venezuelan acting president for “doing a great job.” The Venezuelan leader highlighted the US government’s “kind disposition” to work on a “mutually beneficial” cooperation agenda.
For his part, Burgum said that Venezuela is “an extraordinarily rich nation” in oil, gas, and critical minerals, adding that the opportunities for collaboration between the two countries “have no limits.” He serves as chair of the US National Energy Dominance Council as well.
According to the senior White House official, who holds the natural resources portfolio, the potential cooperation could deliver something “truly remarkable” for both the Venezuelan and American people. Burgum’s delegation included representatives from over 20 US and Canadian mining companies, some of them with a past presence in Venezuela.
“These companies are ready to begin,” he said. “I know that [Acting President] Rodríguez, like President Trump, wants to cut bureaucratic red tape so this capital investment can start flowing.”
Among the companies represented in the visit were US firms Peabody Energy—the world’s largest private coal company—Hartree Partners, Orion CMC, Paulson & Co., and Caterpillar Inc., along with Canada’s Lundin Mining Corp and Singapore-based commodities trader Trafigura.
Canadian miner Gold Reserve also announced plans to return to the Caribbean nation and disclosed a 30-day US Treasury license to negotiate with Caracas.
According to Axios, US officials additionally negotiated a multimillion-dollar agreement with Venezuela’s state mining company Minerven to sell up to one metric ton of gold to the US market, currently valued at roughly $165 million.
The deal would require Minerven to supply between 650 and 1,000 kilograms of doré gold bars—a crude alloy of gold and silver with 50 to 90 percent purity—to Trafigura, which would transport the metal to US refineries. The transaction details were not disclosed, including whether Trafigura will deposit payment in US-run accounts in an arrangement similar to the one the Trump administration has imposed for Venezuelan oil exports.
Burgum is the fourth senior US official to visit Venezuela since the January 3 US military strikes and kidnapping of President Nicolás Maduro and his wife, National Assembly deputy Cilia Flores.
Earlier visits included US Southern Command chief Francis Donovan, CIA Director John Ratcliffe, and US Energy Secretary Chris Wright.
Venezuela possesses vast unexplored and proven mineral reserves, including significant gold, iron, bauxite, diamonds, nickel, and copper deposits. Coltan reserves have likewise been touted in recent years.
According to the International Center for Productive Investment (CIIP)—an agency attached to the Venezuelan vice presidency—the country holds the eighth-largest iron reserves in the world, estimated at 14.7 billion metric tons, as well as more than 321 million tons of bauxite, the raw material used to produce aluminum.
Regarding gold, the CIIP estimates that Venezuela may hold between 2,200 and 8,000 metric tons, which would place the country among the largest gold reserves globally.
Analysts have also highlighted the possibility of finding rare earth deposits in the South American country. The 17 elements have diverse applications in cutting-edge technology and advanced weapons systems. Washington is currently highly dependent on rare earth imports from China.
Edited by Ricardo Vaz in Caracas.