Glencore Plc, Peabody Energy Corp., and Heeney Capital are weighing deals to produce coal in Venezuela, as the Trump administration encourages US-allied companies to develop the nation's resources beyond oil. Glencore and Peabody are jointly considering a bid for assets in Venezuela's Zulia state, while Heeney is working with Alabama-based Drummond Co. on a separate potential bid. Drummond sent representatives to the region last month.

Venezuela holds about 730 million metric tons of coal reserves, among South America's largest, yet production has collapsed from a peak of 8.7 million short tons in 2000 to just 350,000 in 2024 due to neglect and underinvestment. The US Treasury eased sanctions on Venezuela's coal sector in early September, authorizing new investment negotiations.

Peabody participated in a US-led mining delegation to Caracas in March and previously held a stake in the Paso Diablo mine before its concession was not renewed in 2013. Talks focus on operational control and off-take rights rather than outright ownership, similar to models used by other minerals companies since US forces removed former leader Nicolás Maduro from power in January. Reviving the industry would require vast investments, making it hard to compete with cheaper Colombian supplies, and global demand remains uncertain.