U.S. brought back $100 million of gold from Venezuela, Burgum says

HOUSTON — Interior Secretary Doug Burgum said Wednesday that the U.S. recently brought back $100 million of gold from Venezuela.

Burgum visited Venezuela with oil and mining executives earlier this month to meet with interim President Delcy Rodriguez.

“There hadn’t been a shipment of precious metals between Venezuela and America in over 20 years,” Burgum told energy executives at S&P Global’s CERAWeek conference in Houston.

“At the end of the two days, we were able to bring home $100 million of gold — physically, the gold,” the Interior secretary said. U.S. refiners will use the gold for commercial and consumer purposes, he said.

The U.S. captured former Venezuelan President Nicolas Maduro in a military raid in January, leaving the rest of the regime largely in place. The Trump administration is cooperating closely with Rodriguez, vice president under Maduro.

The Interior secretary said he met with Rodriguez for 10 hours during his trip.

President Trump has been pressuring U.S. oil and gas executives to invest in Venezuela’s energy sector. The South American nation is believed to possess the largest crude oil reserves in the world.

Minerals and metals

Beyond petroleum, however, the U.S. also sees a major opportunity to develop Venezuela’s mineral and precious metal resources, Burgum said. The country also has vast coal resources that contain critical minerals, he said.

“The mining opportunity — that’s an industry that’s been in complete collapse in Venezuela and they know that. It’s down to just artisanal miners controlled by gangs, [with] probably some of the worst environmental practices in the world,” Burgum said

“They want a clean environment, they want to have modern investment, they want to see growth in their country,” the Interior secretary said of the Rodriguez government.

Venezuela opposition leader Maria Corina Machado addressed oil and gas executives in Houston on Tuesday. Her role in Venezuela’s future remains unclear as the Trump administration cooperates with Rodriguez.

Machado called for the full privatization of Venezuela’s oil industry during her remarks. She said it will take at least nine months to create the conditions for free and fair elections in Venezuela.