Venezuela

2024 Report

Full data release with tables here.

Introduction 

In 2024, Venezuela was not a globally significant producer of mineral commodities. Production of mineral commodities in the country included aluminum, bauxite, cement, clay, gold, iron and steel, iron ore, refined lead, lime, nitrogen (ammonia), and phosphate rock. 

Minerals in the National Economy 

Venezuela’s nominal gross domestic product (GDP) increased in 2024 to \$120.6 billion from \$102.4 billion in 2023. The increase in GDP was mainly attributed to an increase in the production and exports of crude petroleum, which resulted in part to the easing of economic restrictions previously imposed in Venezuela by the United States. The suspension of sanctions was related to Venezuela’s gold, and the oil and gas sectors; the measure was implemented in October 2023 until April 2024. These actions allowed international companies to resume economic activities, which included mining (U.S. Department of the Treasury, 2023, p. 1, 3–4; Statista.com, 2026; United Nations Development Programme, 2026, p. 5, 10, 17).  

Government Policies and Programs 

In January, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) revoked General License (GL) no. 43, which authorized certain transactions with the state-owned mining company C.V.G. Compañía General de Minería de Venezuela C.A. (Minerven), which is the only entity designated by the United States to operate in the gold sector of Venezuela. The GL no. 43 was replaced by the Venezuela GL 43A, also called the “Authorizing the Wind Down of Transactions Involving C.V.G. Compañía General de Minería de Venezuela C.A.” (U.S. Department of the Treasury, 2024, p. 1). 

The legislative framework for the mineral sector in Venezuela is provided by the Mining Law of 1999, the Organic Mining Law of 2001, the Nationalization Decree of 2010, the Orinoco and the Mining Arc Decree of 2016. The Ministerio del Poder Popular de Desarrollo Minero Ecológico [Ministry of Ecological Mining Development] is the Government entity responsible for all legal matters related to the mining industry. The Instituto Geológico de Venezuela [Geological Institute of Venezuela] oversees the survey and mapping of mineral deposits in the country (Orinocorp, 2026a, b). 

More extensive coverage of Government policies and programs can be found in previous editions of this chapter in the U.S. Geological Survey Minerals Yearbook, volume III, Area Reports—International—South America, which are available at https://www.usgs.gov/centers/national-minerals-information-center/south…;

Production 

Data on mineral production are in the Production table (formerly table 1).  

Structure of the Mineral Industry 

In 2024, Venezuela’s mineral industry remained predominantly state-controlled—with all subsoil resources under Government ownership—while only limited private or foreign partnerships occurred under long-standing concessions. The most predominant Government-owned company operating in the country was the Corporación Venezolana de Guayana (C.V.G.), which is a conglomerate of 21 companies and is located in the city of Guayana, Bolivar State. The conglomerate is part of the Empresas Básicas de Guayana, which produces raw material for other companies to produce finished products. The companies that make up C.V.G. are focused on three sectors: aluminum, iron and steel, and mineral-related services. Companies under the aluminum sector were C.V.G. Aluminio del Caroní S.A. (C.V.G. Alcasa), C.V.G. Aluminio de Carabobo S.A. (Alucasa), C.V.G. Bauxilum C.A. (Bauxilum); C.V.G. Carbones del Orinoco C.A. (Carbonorca), C.V.G. Venezolana de Aluminio C.A. (Venalum), and C.V.G. Empresa Conductores de Aluminio del Caroní C.A. (Cabelum). C.V.G. Companies under the iron and steel sector were Briquetera del Caroní C.A. (Briqcar), Briquetera del Orinoco C.A. (Orinoco Iron), Briquetera de Venezuela C.A. (Briqven), Complejo Siderúrgico de Guayana C.A. (Comsigua), C.V.G. Ferrominera Orinoco C.A. (C.V.G. FMO), C.V.G. Refractario Socialista de Venezuela C.A. (C.V.G. Refractarios), and Siderúrgica del Orinoco “Alfredo Maneiro” (C.V.G. Sidor). Gold was produced by a combination of artisanal or small-scale miners and Government-owned companies. 

The Government-owned Corporación Socialista del Cemento S.A. controlled the cement sector through its subsidiaries C.A. Fabrica Nacional de Cementos S.A.C.A. (FNC), Corporación de Cemento Andino C.A., Corporación de Cemento Catatumbo C.A., Empresa de Cemento Cerro Azul C.A., Industria Venezolana de Cementos S.A., and Venezolana de Cementos S.A.C.A. The Facilities table (formerly table 2) is a list of major mineral industry facilities. 

Mineral Trade 

In 2024, the total value of crude petroleum exports from Venezuela represented about 80% the country’s total exports. According to the United Nations Development Programme, Venezuela’s major trading partners were Colombia and the United States. The Cámara Binacional Venezolana-Colombiana (Cavecol) [Venezuelan-Colombian Binational Chamber], reported total trade value between the two countries at \$1.1 billion in 2024, which was an increase of 41% compared with that in 2023. Colombia’s exports to Venezuela accounted for about 88% of the total binational trade value. According to Ventrade, a trading analysis entity in Venezuela, the value of goods exported to the United States totaled \$6.3 billion in 2024. It was estimated that about 95% of the exported goods consisted of crude petroleum and petroleum-related byproducts. Venezuela imported about \$4.2 billion worth of goods from the United States, which primarily included diluents used in the crude petroleum extraction industry (United Nations Development Programme, 2026, p. 18–19, 34). 

Commodity Review 

Aluminum and Bauxite and Alumina.—In November 2024, Bauxilum alumina refinery became nonoperational following a breakdown on the company’s Calciner 102, which was attributed to inadequate maintenance. C.V.G. Bauxilum was the sole alumina refinery in Venezuela. The incident halted production of metallurgical-grade alumina used by C.V.G. Venalum for aluminum production. By the end of 2024, there was no update on the future of the company (Díaz, 2024).  

References Cited  

• Díaz, Francesca, 2024, Explota el único calcinador activo de CVG Bauxilum [CVG Bauxilum's only active calciner explodes]: Bolívar, Venezuela, Correo de Caroní, November 26. (Accessed January 25, 2026, at https://correodelcaroni.com/region/sucesos/explota-el-unico-calcinador-….) [In Spanish] 

• Orinocorp, 2026a, Mining legislation and regulation in Venezuela—A key framework for sustainable exploitation: Caracas, Venezuela, Orinocorp. (Accessed April 10, 2026, at https://orinocorp.com/en/mining-legislation-regulation-venezuela/.) 

• Orinocorp, 2026b, Venezuela mining legal framework—Laws, regulations & evolution: Caracas, Venezuela, Orinocorp. (Accessed April 10, 2026, at https://orinocorp.com/en/venezuela-mining-legal-framework/.) 

• Statista.com, 2026, Venezuela gross domestic product (GDP) in current prices from 1986 to 2026: New York, New York, Statista.com. (Accessed April 20, 2026, at https://www.statista.com/statistics/370937/gross-domestic-product-gdp-i….) 

• United Nations Development Programme, 2026, Desempeño macroeconómico de Venezuela [Venezuela's macroeconomic performance]: New York, New York, United Nations Development Programme, April 2, 57 p. (Accessed April 2, 2026, at https://www.undp.org/sites/g/files/zskgke326/files/2025-04/boletin_pnud….) [In Spanish] 

• U.S. Department of the Treasury, 2023, Frequently asked questions related to the suspension of certain U.S. sanctions with respect to Venezuela on October 18, 2023: Washington, DC, Office of Foreign Assets Control, U.S. Department of the Treasury, November 16, 4 p. (Accessed December 9, 2023, at https://ofac.treasury.gov/media/932586/download?inline.) 

• U.S. Department of the Treasury, 2024, Frequently asked questions related to the suspension of certain U.S. sanctions with respect to Venezuela on October 18, 2023: Washington, DC, Office of Foreign Assets Control, U.S. Department of the Treasury, February 2, 4 p. (Accessed January 5, 2026, at https://ofac.treasury.gov/media/932581/download?inline.)