CARACAS (Realist English). Venezuela’s state-owned mining company has signed a multimillion-dollar agreement to sell up to 1,000 kilograms of gold destined for the United States market, according to people familiar with the transaction.
The deal requires Venezuela’s state mining firm Minerven to supply between 650 and 1,000 kilograms of gold dore bars to the commodities trader Trafigura. Under the arrangement, the trader will deliver the metal to refineries in the United States through a separate agreement coordinated with the U.S. government.
Sources said the contract specifies a final gold content of about 98%. With current market prices for gold around $166,000 per kilogram, the total value of the transaction could exceed $150 million depending on the final shipment volume.
U.S. Interior Secretary Doug Burgum, who visited Venezuela this week to discuss investment opportunities in the oil and mining sectors, reportedly played a role in facilitating the agreement.
The contract is the latest in a series of resource agreements reached since Washington expanded its involvement in Venezuela’s energy and commodity sectors earlier this year. Trading firms, including Trafigura, have already participated in major oil contracts linked to the country’s vast petroleum reserves.
Supporters of the arrangement argue that it could channel revenue from Venezuela’s natural resources into a more transparent financial system while restoring access to international markets. Critics in the United States, however, have accused the administration of pursuing aggressive control over Venezuela’s resource sector and described the policy as a form of economic intervention.
The agreement also reflects broader efforts by Caracas to attract foreign investment in its mining industry. Venezuelan officials have recently signaled plans to reform the country’s mining laws to encourage new international partnerships and increase production.