Venezuela’s state-owned mining company Minerven has signed a multimillion-dollar agreement to supply gold to the United States market. The deal involves the sale of up to 1,000 kilograms of gold, which will be sent for refining in the US.
Under the agreement, Minerven will deliver between 650 and 1,000 kilograms of gold dore bars to commodities trader Trafigura. These bars are a semi-refined form of gold that still needs further purification before becoming fully refined bullion.
The contract specifies that the gold supplied should have a final gold content of about 98 percent. After the gold is shipped, Trafigura will transport it to refineries in the United States through a separate arrangement with the US government.
This agreement represents a large transaction in the gold market. At current prices, a kilogram of pure gold costs around $166,000. That means the deal could be worth more than $160 million, depending on the exact amount of gold delivered and the market price at the time of shipment.
Gold prices have been rising in recent months due to global financial uncertainty. When investors feel unsure about the economy, they often turn to gold as a safe asset. This trend has pushed gold prices higher and increased the value of deals like this one.
Gold Shipment to US Refineries
The gold involved in the agreement will be shipped in the form of dore bars. These bars are produced directly from mining operations and contain a mix of gold, silver, and small amounts of other metals.
Sanctions reset propels BP, Chevron and Shell back into Venezuela’s vast oil reserves
Before the metal can be used in financial markets or manufacturing, it must go through a refining process. During refining, impurities are removed and the gold is purified to a much higher level. This process is expected to take place at refineries in the United States.
Trafigura will handle the transportation and delivery of the gold to the refineries. Once refined, the gold can enter the global market as high-purity bullion.
The agreement also highlights the role of international commodity traders in the mining and metals sector. Such companies often act as intermediaries between resource-producing countries and global markets. In this case, the trader will manage the shipment and supply chain from Venezuela to the US.
Deal Signals Growing Commercial Ties
The gold deal is part of a broader development in economic relations between Venezuela and the United States. Reports indicate that commercial ties between the two countries have been strengthening in recent months.
The agreement also comes after the United States ousted former Venezuelan leader Nicolás Maduro on January 3 and later exerted control over Venezuela’s oil resources. The gold contract is described as the third extraction deal arranged under the administration of US President Donald Trump, which has been overseeing resource agreements in the country.
Gold surpasses US dollar in central bank reserves for first time in 3 decades
US Interior Secretary Doug Burgum traveled to Venezuela to discuss oil and mineral opportunities and helped shepherd the gold contract. During the visit, Venezuela’s acting president Delcy Rodriguez also announced a plan to reform the country’s mining laws after meeting with Burgum.
The deal is taking place as oil prices have been rising following attacks by the United States and Israel on Iran, one of the world’s largest oil producers.
According to sources familiar with the agreement, the gold deal may be more beneficial for Venezuela because the country will gain access to the US market and its financial system.
In the past, Venezuela’s gold was often exported to other countries such as Turkey or Iran. These shipments sometimes moved through unofficial channels involving black-market smugglers who took a portion of the profits before the funds reached the government.
Under the new arrangement, the gold trade is expected to move through official channels. This means the payments for the resources will go directly through formal financial systems.
The gold contract is also connected to broader resource agreements in Venezuela. Trafigura is already involved in oil contracts in the country worth more than $1 billion.
The deal has drawn criticism from some political groups in the United States, including congressional Democrats and liberal critics, who argue that the growing involvement in Venezuela’s natural resources raises concerns about influence and control over the country’s assets.