Venezuela, Greenland and Colombia all have large deposits of rare earths and other minerals needed by US technology and defence companies.<\/b>
\nWashington\u2019s abduction of Venezuelan leader Nicolas Maduro last week has been characterised by many \u2013 including US President Donald Trump \u2013 as an attempt to gain control over the South American nation\u2019s oil industry.
But analysts said the crisis was also about Washington\u2019s need to secure access to critical minerals \u2013 and that other resource-rich nations should be on guard.
In addition to its vast oil reserves, Venezuela has significant deposits of an array of precious metals and other valuable resources, including rare earth elements that are vital inputs for the US technology and defence industries.
The country\u2019s southern Guayana Shield region has \u201cvast mineral richness\u201d, with the area laced with deposits of gold, diamonds, iron ore and bauxite, as well as rare earths and other critical minerals, according to a 1993 report by the US Geological Survey, one of the few overviews of Venezuela\u2019s mineral resources made publicly available.
These minerals have become the subject of an intense tussle between the US and China in recent months, as Beijing has weaponised its dominance of global rare earth supplies by placing export controls on the resources to gain leverage in its trade war with Washington.
Though China suspended some of those controls after agreeing a trade truce with Washington in November, the US is still striving to reduce its reliance on China for key resources, signing minerals deals with a slew of countries including Australia, Malaysia and Thailand in recent months.<\/p>\n