Global commodities trader Trafigura has agreed to work with Venezuela’s state-owned miner Minerven to develop a responsible gold-sourcing programme, as part of a broader deal to supply gold to international markets, according to Reuters.
The initiative is tied to a pre-payment agreement under which Trafigura will purchase and market gold doré produced exclusively by Minerven. The programme is designed to ensure that production complies with labour laws, environmental standards, and regulatory requirements, while eliminating supply linked to informal or criminal mining operations, particularly in regions such as the Orinoco Mining Arc.
The deal follows a recent shift in U.S. policy allowing the purchase and refining of Venezuelan gold, opening a pathway for the country to re-enter global markets after years of sanctions. Under the agreement, Minerven is expected to supply between 650 kilograms and 1 metric ton of gold, marking an initial step toward rebuilding Venezuela’s formal mining sector.
Industry observers say the programme could help improve transparency and credibility in Venezuela’s gold industry, which has long faced scrutiny over illegal mining and environmental concerns. If successful, the initiative may support broader efforts to attract foreign investment and integrate the country into responsible global mineral supply chains.
