US Firms Secure Venezuela Mining Deals Amid Washington-Backed Reconstruction Plan

A US investment firm, Heeney Capital, has secured operational and export rights for a gold mine in Venezuela through a deal signed on Wednesday. The agreement, which grants Heeney and its partner Mercuria Energy a 30-year contract, is valued at up to $1 billion, with initial investments expected to reach this figure.

The Choco mine, located in the Bolivar state's El Callao industrial complex, is one of Venezuela's most significant gold deposits. Heeney Capital will be responsible for mining operations, while Mercuria Energy will handle exports.

In a separate deal, Continental Resources, another US-based energy firm founded by billionaire Harold Hamm, has signed a memorandum of understanding with Venezuela's state oil company PDVSA to explore opportunities in the Ayacucho 2 area within the Orinoco Belt. This region is known for its significant oil reserves, with an estimated 30 billion barrels of resources in place.

Continental Resources aims to retain a 100% working interest in the project and has begun evaluating potential partnerships for the greenfield development. The company's CEO, Doug Lawler, stated that the initial output could start within 18 months, subject to further seismic studies and exploration.