Delcy Rodríguez announced on Wednesday that Venezuela will submit reforms to its main mining law to the National Assembly in the coming days, following a high-level meeting in Caracas with Doug Burgum.
The two officials praised growing cooperation on minerals and expressed a shared commitment to paving the way for foreign investment, particularly from the United States.
Burgum, who also heads the U.S. National Energy Dominance Council, arrived in Venezuela with more than two dozen American mining and minerals companies. He said the delegation could represent billions of dollars in potential investment and create thousands of high-paying jobs in the South American nation.
The visit marks part of a broader effort by the administration of Donald Trump to expand American influence in Venezuela’s oil, gas and mining sectors. It is the second visit by a U.S. cabinet secretary since the January U.S. operation that resulted in the capture of former President Nicolás Maduro.
Publicly, Trump has praised Rodríguez for cooperating with Washington, saying she is “doing a great job” and noting that oil production in Venezuela is beginning to recover. Rodríguez thanked Trump during joint remarks with Burgum at the Miraflores presidential palace.
However, behind the scenes, the Trump administration is reportedly applying pressure to secure further concessions. According to Reuters, U.S. officials are considering legal action against Rodríguez that could involve corruption and money laundering allegations. Deputy Attorney General Todd Blanche dismissed the report as “completely false” in a statement on X. Venezuela’s communications ministry did not immediately comment.
Rodríguez said the upcoming mining reform would include provisions allowing foreign companies to exploit gold, diamonds and other strategic minerals, potentially including rare earth elements.
“We want the successful models of the hydrocarbons law to also be reflected in the mining sector,” she said, expressing hope that lawmakers will pass the reform swiftly.
She added that the discussions built on earlier talks with U.S. Energy Secretary Chris Wright, who visited Venezuela in February. Thursday’s meetings are expected to focus on oil and gas expansion and new investment opportunities.
Her brother, Jorge Rodríguez, who heads the National Assembly, has already overseen changes to oil regulations aimed at attracting foreign capital.
Venezuela’s current mining legislation dates back to 1999. The country still owes billions of dollars to international mining and industrial firms following nationalizations carried out two decades ago.
While government maps have identified deposits of antimony, copper, nickel, coltan, molybdenum, magnesium, silver, zinc, titanium, tungsten and uranium, confirmed exploration for rare earth reserves has yet to take place. Rare earths — a group of 17 metals crucial for high-tech and renewable energy applications — are currently dominated globally by China.
Past efforts by Iranian companies to explore Venezuela’s mineral resources did not result in major investments.
The proposed reform is widely seen as a key step in determining whether Venezuela can successfully attract large-scale foreign capital and reposition itself as a major player in global mineral supply chains.