Venezuela is rich in natural resources, with major mineral resources including oil, natural gas, iron ore, bauxite, gold, coal, nickel, diamonds, etc. As of October 2023, the proven reserves of oil are approximately 302.8 billion barrels. The proven reserves of natural gas are 57.1 trillion cubic meters. The resource quantity of bauxite is about 3.48 billion tons, with the proven reserves being 1.33 billion tons. The resource quantity of iron ore is 14.68 billion tons, with the proven reserves being 3.63 billion tons. The predicted reserves of gold are 792 tons. In addition, Venezuela has 390 million tons of titanium reserves; 41 million carats of diamond resources; 2.5 billion tons of phosphorite rock resources; 730 million tons of proven coal reserves; and 490,000 tons of nickel ore. Venezuela also has abundant hydropower and forest resources, with a forest coverage rate of 56%.
Venezuela is rich in mineral resources.
The Orinoco mineral belt is expected to have a commercial value of up to 2 trillion US dollars. The mineral types include gold, iron ore, bauxite, etc. This mineral belt covers an area of 110,000 square kilometers. The proven gold reserves are 4,136 tons and the potential reserves are 7,000 tons. The diamond reserves are 33.79 million carats. The proven iron ore reserves are 3.64 billion tons, and the bauxite reserves are 14.68 billion tons. In addition, there are abundant minerals such as columbite-tantalite, kaolin, and copper. According to Metal Focus data, Venezuela's gold mine production in 2024 was 30.6 tons.
