US sanctions on Venezuela's gold and minerals have been lifted
What's the story
The United States Treasury Department has lifted sanctions on Venezuela's gold and mineral industries. The move is aimed at increasing access to the country's vast natural resources. This decision comes after the capture of President Nicolas Maduro in January and is part of efforts to restore diplomatic and trade relations under interim leader Delcy Rodriguez.
Trade
OFAC allows minerals contracts with Minerven
The sanctions were lifted by the Treasury's Office of Foreign Assets Control. Companies are now allowed to enter contracts in the minerals sector, including with state-owned gold miner Minerven. Venezuela is not only home to the world's largest oil reserves but also diamonds, bauxite and rare earths like coltan which are essential for high-tech products.
Resource hub
Orinoco Mining Arc houses rebels and gangs
Venezuela's mineral operations are mostly located in the Orinoco Mining Arc, a sprawling area of about 112,000 square kilometers. However, this region is also home to armed rebel groups and criminal gangs. The lifting of sanctions could give US companies greater access to these resources and potentially change the geopolitical dynamics in South America.