Exploration spending in the mining sector rose for a second year to near $10 billion as the industry makes a cautious shift to growth and prepares for forecast booming demand for copper and metals used in electric vehicle batteries, according to S&P Global Market Intelligence.
President Maduro of Venezuela is trying to repatriate at least 14 tonnes of gold held at the Bank of England, fearing that access could be frozen under US sanctions against his regime.
The Bank has refused to release the gold bars, worth about £420 million, according to sources. British officials are understood to have insisted that standard measures to prevent money-laundering be taken — including clarification of the Venezuelan government's intentions for the gold.
There are concerns that Mr Maduro may seize the gold, which is owned by the state, and sell it for personal gain.
Venezuela is struggling under a calamitous recession that is widely blamed on Mr Maduro's mismanagement of the economy and rampant corruption in his government He says his government is the victim of an "economic war", waged by Washington.
President Trump signed an executive order last week to ban American citizens and institutions from dealing with entities or individuals involved in "corrupt or deceptive" gold sales from Venezuela. His government has accused Mr Maduro of "looting" resources to keep his regime afloat.
The Venezuelan constitution says that sales of mineral reserves must be approved by the national assembly but Mr Maduro has ignored parliament, claiming that it is run by oligarchs, since it came under opposition control in a landslide election in 2015.
Turkey has become the biggest buyer of Venezuelan gold, partly because of the friendship between Mr Maduro and President Erdogan. American officials have said that the gold, which is drawn from reserves strip-mined by gangs overseen by the military, is being resold by Turkey to Iran, which is also subject to US sanctions.
Mr Maduro is a frequent visitor to Turkey, where he was filmed this year smoking a Cuban cigar during a meal at the celebrity chef Salt Bae's restaurant in Istanbul. The clip went viral and critics said it showed that Mr Maduro had lost touch with people in Venezuela, where food is increasingly scarce.
In 2011, Hugo Chávez, Mr Maduro's predecessor and mentor, repatriated 160 tonnes of gold from banks in the US and Europe. Most of the reserves have since been discreetly shipped out and sold. The gold held at the Bank of England was used until last year to back loans of hard currency to Venezuela by other banks.
Yesterday, the EU extended sanctions on 18 individuals in the Maduro regime for a year, citing human rights violations and an undermining of democracy and the rule of law. Those affected, including the vice-president and the economy minister, are banned from travelling to Europe, and assets they hold in Europe are frozen. The EU also has an embargo on the sale of arms and "equipment for internal repression".
