Read our editorial on the US imperialist war of aggression against Venezuela here.
On March 4, acting president Delcy Rodríguez announced the Venezuelan government’s plan to allow the US to mine more of Venezuela’s mineral resources, continuing a trend of capitulation to US imperialism.
Rodríguez spoke publicly about the mining deal during a joint press conference with US Interior Secretary Doug Burgum, who was visiting Venezuela while accompanied by executives representing more than two dozen US mining companies.
“We’re here because of the courage of President Donald J. Trump and we’re here because of the collaboration that has already been established under [Rodríguez’s] leadership… with the US to move forward for peace and prosperity,” Burgum said.
On March 9th, Venezuela’s National Assembly passed an initial vote to advance the new mining legislation to the second stage of the legislative process. The new legislation opens Venezuela’s mineral reserves to private and foreign “investment” for the first time since 1999 and allows the US to extract from Venezuela greater quantities of gold, diamonds, bauxite, coltan, rare earth elements, and other critical minerals.
Rodríguez has falsely dubbed the new legislation as a “win-win formula” for the Venezuelan people, even as the increased US domination of Venezuela since the kidnapping of President Nicolas Maduro and First Lady Flores has further impoverished the Venezuelan people.
This mineral deal follows the pattern of the Venezuelan government’s previous capitulation around oil. On February 11, US Energy Secretary Chris Wright met with Rodríguez to encourage expanded US investment in the Venezuelan oil industry, to which Rodríguez responded favorably. In January, Rodríguez signed a Hydrocarbons Law amendment that further opens the Venezuelan oil sector to private and foreign investors, effectively dismantling the state monopoly that PDVSA had over the oil industry.
Currently, all proceeds from Venezuelan oil sales are deposited into US-controlled accounts. The US claims that this arrangement allows the US to redistribute the profits from oil sales by using them to fund essential services for the Venezuelan people. Little evidence, however, has been given to prove that redistribution is actually taking place. Inflation hovered at 618% at the end of February, a sharp increase from 475% at the end of December 2025, before the January 3 kidnapping of President Maduro and First Lady Flores.
Increasing the US’s domination of Venezuela is part of its broader campaign to deepen its domination of Latin America to manage the crisis of imperialism. In Cuba, the US continues to block the import of oil while threatening military intervention. In Ecuador, the US initiated a military operation on March 3 under the guise of combating “designated terrorist organizations.” The US also continues to bomb fishing ships off the coast of Venezuela allegedly to fight “narco-terrorism”.
Image: Venezuela’s acting president Delcy Rodríguez holds a joint press conference with US interior secretary Doug Burgum on March 4, 2026, Caracas. Source: Screenshot from footage published by DRM News.
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