Mercuria lands in Venezuelan mining with US$5.2 billion pipeline: what a global trader sees that the major miners do not

The first public commitment of a global commodities trader in Venezuelan mining after Maduro's capture did not come from a major miner. It came from Mercuria Energy Group —one of the five largest global commodity traders— partnered with Heeney Capital, a private capital vehicle specialized in geopolitically high-risk markets. The US$2.2 billion annually signed in gold and bulk commodities, plus the US$3.0 billion in negotiation for aluminum, nickel and ferrous products, are not an exploitation commitment: they are an offtake —a stable purchase commitment of already-existing production. The question the agreement answers is who validates Venezuelan mining risk when the major miners still do not.