Venezuela's Mining Sector Clouded by Unclear Reserves and Resources

The Venezuelan mining sector has been attracting attention from President Donald Trump's administration. However, confusion surrounds the country's mineral reserves and resources due to unclear terminology in government reports.

In 2019, then-President Nicolas Maduro announced a five-year mining plan aimed at boosting extraction as an alternative to oil production. The plan was accompanied by a report detailing mineral deposits, which used industry terms interchangeably. This made it difficult to determine the country's actual mining potential.

The report estimated coal reserves of approximately 3 billion metric tons and 407,885 metric tons of nickel reserves in 2018. It also listed gold resources of 644 metric tons, iron ore resources of 14.68 billion metric tons, and bauxite resources of 321.5 million metric tons.

The operational status of mines tied to Maduro's plan remains unclear. However, the National Council for Productive Economy reported that national production of gold, coal, and iron ore increased in the first three quarters of 2025.