OMM Redaksiyası
Gold imported from Venezuela under a US-backed deal remains in warehouses while refiners seek assurances about its origin and possible links to criminal groups, according to a report published Monday by The New York Times.
The Trump administration opened the US market to Venezuelan gold in March as Washington expanded economic ties with Venezuela’s interim government, led by Delcy Rodriguez.
Venezuela’s state-owned mining company, Minerven, reached an agreement with global commodities trader “Trafigura” to supply gold for the US market, the newspaper reported.
Refiners seek assurances over gold’s origin
Under the agreement, “Trafigura” agreed to purchase between 650 and 1,000 kilograms of gold doré bars from Minerven. The shipment was sent to the United States for refining and resale.
Some US refiners have declined to buy part of the shipment because they cannot certify that the gold was obtained without involvement by criminal groups, illegal mining operations or other illicit activities, according to the report.
Informal mining operations in southern Venezuela provide part of their output to the Tren de Guayana criminal group in exchange for protection, The New York Times reported. A leader of one mining operation told the newspaper that about 20% of its production is handed over to the group.
Company says due diligence is continuing
The newspaper also reported that “Trafigura” bought gold worth millions of dollars before independent auditors inspected the mines involved in the agreement.
“Trafigura” said its due diligence process was still under way. The company said audits at sites it had inspected had found no evidence of human rights violations, conflict financing, illegal taxation, extortion or involvement by illegal actors.
The company plans to source gold from two industrial mines under military protection in an effort to reduce the risk of criminal groups entering the supply chain.
Minerven remains under US sanctions, while the Trump administration has authorized transactions involving Venezuelan gold as part of its broader policy toward Caracas.
The agreement comes as Washington seeks to expand economic ties with Venezuela and secure greater access to the country’s mineral resources.
