Venezuela’s oil wealth has long dominated its relationship with the United States, but a quieter conversation is now unfolding around another set of resources that could prove just as strategic. Beyond crude, the South American nation may sit atop deposits of minerals and metals that matter deeply to American industry, defense, and technology.
According to reporting by CNN, officials in Washington see Venezuela not only as an energy player, but as a potential source of critical minerals and even rare earth elements. These materials are essential for everything from smartphones and electric vehicles to missile guidance systems and fighter jets, and securing reliable access has become a national security priority for the United States.
President Donald Trump has said US companies will regain access to Venezuela’s oil sector. However, experts caution that translating interest in minerals into real supply is far more complicated. Unlike oil, which Venezuela has produced for decades, the country’s mineral potential remains poorly documented. Years of political turmoil under Hugo Chávez and Nicolás Maduro left major gaps in geological data, making the true scale and economic viability of these resources uncertain.
A Venezuelan miner wearing a shirt with the image of Uncle Sam works digging in a mine to extract gold, which will then be sold in El Callao, Bolivar State, Venezuela, on August 29, 2023.
Magda Gibelli/AFP/Getty Images
Some evidence suggests Venezuela holds deposits of bauxite and coltan, a mineral used to extract tantalum and niobium, both designated as critical by the US Geological Survey. Yet the USGS does not currently list Venezuela among countries with confirmed rare earth reserves, placing it behind nations such as China, Brazil, and the United States itself.
Security concerns further complicate the picture. Many mineral-rich regions are plagued by armed groups and illegal mining operations. Experts warn that any large-scale extraction effort would require sustained security guarantees, environmental safeguards, and long-term investment, all of which are in short supply.
Even if minerals were successfully mined, another bottleneck looms. Refining remains overwhelmingly dominated by China, which accounted for more than 90 percent of global rare earth processing in 2024, according to the International Energy Agency. This near-monopoly means that raw materials extracted elsewhere often still pass through Chinese refineries before reaching global markets.
“There is awareness within the administration that Venezuela’s value goes beyond oil,” said Reed Blakemore of the Atlantic Council. “But exploiting those resources under current conditions is even more challenging than restarting oil production.”
For now, analysts say Venezuela is unlikely to meaningfully strengthen US supply chains for critical minerals in the next decade. The resources may be there, but turning geological potential into strategic reality remains a far steeper climb than tapping oil wells.