Interior Minister Doug Burgum said the U.S. brought back $100 million worth of gold from Venezuela earlier this month after he made a trip to the country.
Speaking to energy executives at S&P Global's CERAWeek conference in Houston, Burgum said the gold will be used for commercial and consumer purposes.
"There hadn't been a shipment of precious metals between Venezuela and America in over 20 years," Burgum said. He had already made reference to the shipment before, with the development marking one of the first mineral transactions between the countries since the United States moved to reshape Venezuela's energy and resource sector after the capture of Nicolás Maduro.
The contract required Venezuela's state mining firm, Minerven, to deliver between 650 and 1,000 kilograms of gold ore bars to commodities trader Trafigura, one source told Axios. The bars will contain roughly 98% gold content and will be transported to U.S. refineries under a separate arrangement with the U.S. government.
Burgum, who met with interim President Delcy Rodriguez during the visit, went on to claim that the Trump administration sees a large opportunity to develop the country's mineral and precious metal resources.
"It's down to just artisanal miners controlled by gangs, with probably some of the worst environmental practices in the world," added Burgum.
According to a report from the State Department to Congress cited by The New York Times, sources estimate the value of gold extracted in Venezuela averaged about $2.2 billion annually over the past five years. Despite the profits generated, the industry caused severe environmental damage, destroying more than 2,500 square kilometers of forest land.
"They want a clean environment, they want to have modern investment, they want to see growth in their country," Burgum added.
According to other reports, Rodríguez pledged to work at the "speed of Trump" to accelerate U.S. access to Venezuelan minerals, while also promising to introduce legislation allowing foreign companies to extract gold, diamonds and rare minerals.
Originally published on Latin Times
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