Treasury Department eases sanctions on Venezuela's mining sector, including gold

The government announced on Friday a new easing of its sanctions against Venezuela, this time aimed at facilitating the exploitation of the country's mining resources, including operations with Minerven, a state-owned entity that is the country's top gold producer.

Since former Venezuelan dictator Nicolas Maduro was captured in a U.S. military operation on Jan. 3, Washington has reopened the door to foreign investment in the oil, gas and mining sectors.

The Office of Foreign Assets Control (OFAC) of the Treasury Department on Friday issued three licenses aimed at facilitating transactions linked to trade in minerals, "including gold."

"Transactions authorized by paragraph (a) include processing of payments, arranging shipping and logistics services, including chartering vessels, obtaining marine insurance and protection and indemnity (P&I) coverage, and arranging port and terminal services, including with port authorities or terminal operators that are part of the Government of Venezuela. Paragraph (a) also authorizes transactions for the maintenance of minerals operations, including gold operations, in Venezuela, including the refurbishment or repair of items used for minerals exploration, development, mining, extraction, processing, refining, or production activities."

Venezuela has great mineral wealth. It has deposits of gold, diamonds, bauxite and coltan, as well as rare earths used in the manufacture of computers and cell phones.

In early March, the Venezuelan regime's congress gave its initial approval to a new mining law that opens more space to foreign capital, in the context of renewed rapprochement with the United States following the capture of Nicolás Maduro.