Ayanle mohamed 
Opportunities and ChallengesVenezuela holds one of the largest oil reserves in the world, attracting significant international attention.
Opportunities and ChallengesVenezuela holds one of the largest oil reserves in the world, attracting significant international attention.
However, the exact quantity and economic feasibility of exploiting these mineral resources remain uncertain.
Mining operations face substantial challenges, including security risks due to armed groups operating in many mining regions,
illegal mining activities, and environmental concerns related to extraction processes.
Even if these resources were accessible, refining rare earth elements is a complex step. Currently,
China dominates global refining capacity for these materials, controlling over 90% of the —
market due to long-standing investments and regulatory conditions.
This dominance has heightened geopolitical tensions, as rare earths are vital components in everyday electronics and advanced military technologies.
While the United States is interested in securing access to these critical minerals, efforts to develop domestic mining and refining —
capabilities are ongoing but will take significant time.
Venezuela’s mineral sector has also been hampered by decades of political instability, lack of accurate geological data, limited investment, and criminal activity.
Although the country has deposits of critical minerals such as coltan and bauxite, illicit mining and poor infrastructure limit their current exploitation.
Overall, despite Venezuela’s natural wealth, significant obstacles must be overcome before it can play a meaningful role in global mineral markets,
especially for critical elements essential to modern technology and national security.
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