BMI analysts say that the change in Venezuela’s leadership is unlikely to substantially boost the country’s mining sector’s appeal over the next decade. According to the firm, Venezuela was a major producer of iron ore and bauxite two decades ago, but the industry has since declined significantly due to the nationalization of major mining companies and insufficient investment in mining operations and railway infrastructure. Analysts noted: “If a Washington-friendly government is established in Caracas, we expect the White House to seek to sign a mining agreement with Venezuela similar to the one signed with Ukraine. While such an agreement might grant the U.S. priority access to Venezuela’s mineral deposits, the country has virtually no reliable geological data, meaning extensive exploration work would be required before mining companies commit funds.”