Venezuela Accelerates Mining Reforms Post-US Engagement, Targeting 75% Critical Mineral Output Increase by 2030

Venezuela has fast-tracked a sweeping mining reform initiative following high-level discussions with U.S. officials, aiming to boost production of lithium, cobalt, and nickel—key inputs for electric vehicle batteries and defense technologies. The reforms are expected to unlock over 12 million tons of untapped mineral reserves.

• Venezuela accelerated mining reforms following a February 2026 U.S. engagement, aiming for 75% higher critical mineral output by 2030
• 38 state-owned mining sites are now open for foreign investment under new special economic zones
• Lithium output targeted to grow from 7,000 tons (2025) to 180,000 tons (2030)
• CL=F rose 2.3%, USO gained 1.8%, and LIT surged 5.6% on market reaction
• 30% of projected cobalt output will be reserved for U.S. defense contractors via new bilateral agreement
• New framework includes joint ventures with American firms including Tesla and General Dynamics