Venezuela's state mining company has entered into a multimillion-dollar agreement to supply up to 1,000 kilograms of gold to commodities trader Trafigura for American markets. U.S. Interior Secretary Doug Burgum helped broker the arrangement during his visit to Venezuela this week.
A Venezuelan state-controlled mining enterprise has entered into a multimillion-dollar agreement with commodities trading firm Trafigura to supply gold for American markets, according to a Wednesday report from Axios citing sources with knowledge of the arrangement.
Under the terms of the agreement, Venezuela’s mining company Minerven will provide between 650 and 1,000 kilograms of gold dore bars to Trafigura, according to the Axios report. The trading company will then transport the precious metal to refining facilities through a separate agreement coordinated with the U.S. government.
The White House confirmed the arrangement in a statement to Reuters, noting that U.S. Interior Secretary Doug Burgum, who traveled to Venezuela on Wednesday, played a key role in facilitating the agreement.
“This historic gold deal between Trafi and Venezuela had been in the works at President Trump’s direction,” the official said. “We are helping Venezuela restore their mining sector, which will help American industry get the minerals we need.”
White House officials declined to share additional specifics regarding the contract’s terms and conditions.