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US, Venezuela restore ties as Washington eyes mineral access

US, Venezuela restore ties as Washington eyes mineral access
Photo: AFP/BSS
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The United States and Venezuela have agreed to restore diplomatic relations, the two countries announced on Thursday, signalling a significant shift in ties after Washington removed former president Nicolas Maduro from power.

The US State Department said the re-establishment of diplomatic and consular relations would support efforts to stabilise Venezuela and assist its economic recovery. It said the renewed engagement aims to create conditions for a peaceful transition to a democratically elected government.

“Our engagement is focused on helping the Venezuelan people move forward through a phased process that creates the conditions for a peaceful transition to a democratically elected government,” the department said.

Venezuela’s foreign ministry also welcomed the development. It said the two countries would move into “a new stage of constructive dialogue” based on mutual respect, sovereign equality and cooperation. The ministry added that the renewed ties would be positive and beneficial for both nations.

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The announcement came as US Interior Secretary Doug Burgum concluded a two-day visit to Venezuela. The trip forms part of President Donald Trump’s push to secure greater access to Venezuela’s vast mineral resources.

During the visit, Burgum held talks with interim president Delcy Rodriguez. He said the Venezuelan government had assured the United States that it would provide adequate security for foreign mining companies interested in investing in the country.

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Burgum said dozens of companies had already expressed interest in investing in Venezuela’s mining sector. He added that the government appeared committed to ensuring the “right kind of security” for international investors.

He described the meetings with Venezuelan officials as “fantastically positive” and predicted the country could exceed its oil and gas production targets in 2026.

Burgum is the second senior US official to visit Venezuela since the bombing raid on 3 January that killed around 100 people and led to the capture of Maduro and his wife, who were later taken to New York to face drug trafficking charges.

Besides holding the world’s largest proven oil reserves, Venezuela also possesses vast deposits of minerals including gold, diamonds, bauxite and coltan, which are widely used in the production of computers and mobile phones. Much of the mining activity takes place in the Orinoco Mining Arc, a resource-rich region where several armed groups operate.

The visit follows an earlier trip by US Energy Secretary Chris Wright, who called for a significant rise in Venezuela’s oil output and highlighted what he described as “tremendous opportunities” for both Washington and Caracas.

The improving relations reflect a dramatic change in Washington–Caracas ties since Maduro’s removal from power. The Trump administration has allowed Rodriguez, Maduro’s former vice president, to serve as interim leader on the condition that the United States receives access to Venezuela’s natural resources.

Rodriguez last month introduced major changes to the state-controlled oil sector to allow greater private investment. She has also begun efforts to reform the country’s mining regulations to attract foreign investors.

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