US, Venezuela restore ties as Washington pushes for minerals access

• The US and Venezuela announced the restoration of formal diplomatic and consular relations to promote "stability and political reconciliation" following the US abduction of Nicolás Maduro in January.
• The "thaw" is driven by a US push for access to Venezuela's vast resources, with Interior Secretary Doug Burgum securing assurances from interim leader Delcy Rodríguez for the security of foreign mining companies in the Orinoco Mining Arc.

Venezuela and the United States are restoring diplomatic ties, the two countries announced Thursday, in a new sign of thawing relations after Washington abducted former president Nicolas Maduro.

The announcement came as US Interior Secretary Doug Burgum wrapped up a two-day trip to Venezuela, part of US President Donald Trump's push for greater access to the country's mineral wealth.

The re-establishment of diplomatic and consular relations "will facilitate our joint efforts to promote stability, support economic recovery, and advance political reconciliation in Venezuela," the US State Department said.

"Our engagement is focused on helping the Venezuelan people move forward through a phased process that creates the conditions for a peaceful transition to a democratically elected government."

Venezuela's foreign ministry said it would "move forward in a new stage of constructive dialogue, based on mutual respect, the sovereign equality of states and cooperation between our people," adding that the renewed ties would be "positive and mutually beneficial."

The announcement came hours after Burgum, a member of Trump's cabinet who leads the National Energy Dominance Council, said he had received assurances from Caracas that the government would ensure the security of foreign mining companies keen to invest there.

“Right kind of security”

Burgum, who held talks with interim president Delcy Rodriguez during his trip, said dozens of companies had expressed interest in investing in Venezuela.

"I think you're going to see this government very concerned about providing the right kind of security," Burgum said.

He told reporters his meetings were "fantastically positive," and predicted Venezuela would surpass its oil and gas production targets in 2026.

Trump's administration says it effectively runs Venezuela and controls the country's vast natural resources after abducting Maduro.

Burgum is the second senior US official to visit since the bombing raid on January 3 that left around 100 people dead and saw Maduro and his wife flown to New York for trial on drug trafficking charges.

Besides oil, Venezuela is rich in minerals such as gold and diamonds, as well as bauxite, coltan and other rare materials used to make computers and mobile phones.

Mining activity is concentrated in a territory known as the Orinoco Mining Arc, where armed groups are active.

Burgum's visit follows that of US Energy Secretary Chris Wright, who pushed for a "dramatic increase" in Venezuela's oil output and talked up "tremendous opportunities" for both Washington and Caracas.

The enthusiastic assessments of both men, which echo Trump's stance, reflect the sea change in relations between Washington and Caracas since the abduction of Maduro.

Trump has allowed Rodriguez, who was Maduro's vice president, to move up to interim leader so long as she grants US access to Venezuela's natural resources.

Venezuela has the world's largest proven oil reserves, and Rodriguez last month overhauled the state-controlled oil sector to enable a wave of private investment. She now has her sights set on updating the mining code.