Title: Venezuela: Mining, Minerals and Fuel Resources
Headings: Venezuela: Mining, Minerals and Fuel Resources
Venezuela: Mining, Minerals and Fuel Resources
Economy
Overview of Resources
Metals
Fossil Fuels
Investment
Sources and Further Reading
Reginald Davey

Content: In 2014, the number of active rigs rose by 19%, to 221. Investment
Venezuela’s economy is mainly based on its supply of petroleum products and hence it was greatly affected by a sudden fall in oil prices during the global recession. The Venezuelan government has implemented tax incentives for small and large companies that had invested in the country’s mining sector, in an attempt to boost the economy. Despite having abundant resources like gold, aluminum, and petroleum, the country’s mining industry is still underdeveloped. Few Australian companies play a vital role in the mining industry of Venezuela. Excel Mining and RFC Finance Corporation are the companies involved in two mining projects in the country. However, the government has nationalized many industries that have major control over the country’s natural resources. The government has invested about US$5.81 billion to develop its mining industry. It has also approved US$159 million for the workers in the country's heavy industries that extract and manufacture gold, bauxite, iron, and other mineral resources. The country’s large reserves of crude petroleum are more likely to attract investment from countries like Russia, Italy, Iran, and China in the future, despite its uncertain economic condition and nationalization initiatives.