Trump targets Venezuela for another mineral resource after oil

Mining firms Glencore, Peabody Energy and Heeney Capital are weighing coal deals in Venezuela's Zulia state as the Trump administration pushes U.S.-allied companies to develop the country's resources beyond oil, Bloomberg reported. Venezuela holds an estimated 730 million metric tons of coal reserves, among the largest in South America, though production has collapsed from 8.7 million tons in 2000 to roughly 350,000 tons in 2024.

The U.S. Treasury eased sanctions on Venezuela's coal sector in early September, clearing the way for trade, services and investment talks. Talks between the companies and Venezuela reportedly center on operational control and marketing rights rather than outright ownership of the mines, mirroring arrangements used in the oil sector since Nicolás Maduro's removal from power in January.

The coal push follows Trump's August announcement of what he called the 'biggest oil deal in world history,' in which the U.S. secured a controlling stake in more than 65 billion barrels of Venezuelan oil reserves. Reviving the coal industry would require heavy new investment and would have to compete with cheaper coal from neighboring Colombia.

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