The US Treasury Department said on Friday it had lifted more sanctions against Venezuela’s gold and other minerals industries as it pushes for better access to the South American country’s vast natural resources.
Washington has been eager to move American firms to Venezuela since its forces captured President Nicolas Maduro in January, and has been pushing to restore diplomatic and trade ties under interim leader Delca Rodriguez.
In addition to gold and the world’s largest oil reserves, Venezuela also produces diamonds, bauxite and rare earths such as coltan, which are key to a range of high-tech products.
Companies can now win contracts in the minerals sector, including state gold miner Minerven, according to a statement from the Treasury Department’s Foreign Assets Control Office.
Much of Venezuela’s mineral operations are concentrated in the Orinoco mining arc, a vast area of about 112,000 square kilometers (43,000 sq mi) where armed insurgent groups and criminal gangs operate.
