Trafigura to help Venezuela's Minerven develop a responsible gold-sourcing programme
LONDON - Trafigura will work with Venezuela's state gold miner Minerven to develop a responsible sourcing programme as part of its pre-payment deal for gold dore, a semi-pure alloy, the Swiss commodity trader said.
The Washington-backed overhaul of Venezuela's gold sector is the second major initiative by the government of acting President Delcy Rodriguez, who took power after the US ouster of President Nicolas Maduro in January, and has pushed through a sweeping oil reform meant to stoke foreign investment.
The US moved to allow purchases of gold produced by sanctions-hit and cash-strapped Minerven, its subsidiaries, and Venezuela's government in early March. The licence allows deliveries to the US for refining.
Trafigura, also involved in Venezuela's oil trading pact with the US, agreed to purchase and sell gold dore produced only by Minerven-owned operations, the Swiss trader told Reuters, adding that deliveries would be made in compliance with labour laws and other regulations.
Trafigura declined to give further details.
Making purchases from Minerven only should help to rule out third-party suppliers and material originating from the so-called Orinoco Mining Arc, where a 2020 investigation by the United Nations found artisanal mines controlled by criminal gangs who exploit workers.
The Venezuelan communications ministry, which handles all press queries for the government, the mining ministry and Minerven did not respond to a Reuters request for comment.
The responsible sourcing programme is aimed at improving standards in Venezuela's official mining sector, so it eventually becomes acceptable in international markets, said a source, directly familiar with the Trafigura deal, adding that the process is likely to be lengthy.
Under the pre-payment deal, Minerven would supply between 650 kg and 1 metric ton of gold dore from its mines to Trafigura for the US markets, according to the source. These details were first reported by Axios.
Venezuela's gold production rose 37% to 9.5 t in 2025, according to official data. There is no publicly available official information about the country's previous export destinations.
According to industry sources and NGOs, Venezuela's gold was finding its way to Middle Eastern and African markets in previous years. Separately, Venezuela's central bank had 47 tons of gold in its official reserves as of end-2025.
