Trafigura Partners with Venezuela’s Minerven to Launch Responsible Gold Sourcing Program
Trafigura–Minerven Gold Deal: Venezuela Moves Toward Responsible Mining and US Market Access
Commodity trading giant Trafigura will collaborate with Venezuela’s state-owned mining company, Minerven, to develop a responsible gold sourcing programme as part of a pre-payment agreement for gold doré, a semi-refined gold alloy.
The initiative forms part of broader reforms in Venezuela’s mining sector under acting President Delcy Rodríguez. These reforms follow recent policy shifts supported by the United States, aimed at attracting foreign investment and formalizing key industries, including oil and mining.
Earlier this month, the United States issued a licence permitting transactions involving gold produced by Minerven, its subsidiaries, and the Venezuelan government. The authorization allows the export of gold to the US for refining, marking a significant easing of previous sanctions.
Trafigura confirmed it will purchase and market only gold doré produced by Minerven’s own operations. The company stated that all deliveries will comply with applicable labour laws and regulatory standards, although it declined to provide further details.
Restricting sourcing to Minerven is expected to reduce the risk of supply chain contamination from third-party producers, particularly those linked to illegal mining activities in the Orinoco Mining Arc.
A 2020 United Nations investigation found that parts of this region were controlled by criminal groups exploiting workers.
Venezuela’s communications ministry, mining ministry, and Minerven did not respond to requests for comment.
According to a source familiar with the agreement, the responsible sourcing programme aims to raise operational standards in Venezuela’s formal mining sector, with the long-term goal of gaining acceptance in international markets. However, the process is expected to take time.
Under the deal, Minerven is expected to supply between 650 kilograms and 1 metric ton of gold doré to Trafigura for delivery to US markets.
Venezuela’s gold production rose by 37% in 2025 to 9.5 metric tons, based on official data. Historically, much of the country’s gold exports have been routed to markets in the Middle East and Africa, according to industry sources and non-governmental organizations.
Separately, Venezuela’s central bank held approximately 47 tons of gold in reserves at the end of 2025.
