President Donald Trump has said US companies will gain access to Venezuela’s vast oil reserves, but Washington is also eyeing the country’s other natural resources. Venezuela is believed to hold deposits of minerals, metals and potentially rare earth elements that are crucial for industries ranging from defence to advanced technology. US officials have repeatedly highlighted the strategic importance of such materials for national security.
However, experts caution that turning these ambitions into reality would be extremely difficult and unlikely to significantly strengthen US supply chains. The size and economic viability of Venezuela’s mineral reserves remain uncertain, while mining operations face serious risks linked to insecurity, organised crime and illegal gold extraction. Rare earths mining is also energy-intensive and can cause severe environmental damage, further complicating prospects for large-scale development.
Even if extraction were possible, refining remains a major obstacle. Rare earth materials are typically processed in China, which accounted for more than 90% of global refining capacity in 2024, according to the International Energy Agency. This dominance has become a key point of tension in US–China trade relations, particularly after Beijing introduced export controls during recent disputes, exposing America’s heavy reliance on foreign processing.
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Although Venezuela is thought to possess minerals such as coltan and bauxite, years of political instability under Hugo Chávez and Nicolás Maduro have left major gaps in geological data and discouraged investment. Analysts say that poor infrastructure, limited skilled labour, organised crime and an unstable policy environment continue to undermine the sector. As a result, despite its potential, Venezuela is unlikely to play a meaningful role in global critical minerals supply chains for at least the next decade.
