Venezuela Iron Ore: Deposits, Ferrominera and Output
Venezuela’s iron ore is in Bolívar state, in the ore hills mined by state-owned CVG Ferrominera Orinoco out of Ciudad Piar and Puerto Ordaz: Cerro Bolívar, Los Barrancos, San Isidro and Altamira, plus the new Grupo Redondo. It is the country’s second most valuable mineral after gold. Output is low today: about 2.25 million metric tons in 2022 according to the USGS, against a record 22.1 million in 2006 and an installed capacity of 25 million a year.
Where are the iron ore deposits?
All in Bolívar state, south of the Orinoco River:
- Cerro Bolívar (Ciudad Piar): found in 1947, when it was called Cerro La Parida, and renamed in 1948. Ferrominera restarted operations there in 2009.
- San Isidro: a 1962 survey put its potential at 360 million tons, according to Ferrominera.
- Los Barrancos: has had its own crushing plant since 1993.
- Altamira: reopened in 2003. In February 2026 Ferrominera announced its restart with a new crushing plant.
- Grupo Redondo (Cerro Redondo, Cerro Ricardo and Cerro La Estrella): about 120 million tons of ore at 64% iron, 77 million of them at Cerro Redondo, according to Ferrominera. The project is led by Orinoco Minería in cooperation with China and formally began on December 18, 2024.
The historic El Pao mine closed in 1995.
How much iron ore does Venezuela produce?
USGS figures for iron ore (gross weight):
| Year | Output | Iron content |
|---|---|---|
| 2018 | 2.47 million t | 1.55 million t |
| 2019 | 1.10 million t | 0.69 million t |
| 2020 | 0.78 million t | 0.49 million t |
| 2021 | 2.26 million t | 1.41 million t |
| 2022 | 2.25 million t (estimate) | 1.40 million t |
For scale: according to CSIS, Venezuela produced 0.10% of the world’s iron ore in 2024.
What the government says about 2025 and 2026:
- In January 2026 it projected 50% more output for 2026.
- In April 2026 Ferrominera reported its best production week of the year, which it credits to direct trains from the mine to Puerto Ordaz.
- None of these announcements give total tonnage. According to Correo del Caroní, ministries stopped publishing annual reports in 2015, so there are no official export figures.
What is the iron ore used for?
In Puerto Ordaz the ore is turned into pellets and hot-briquetted iron (HBI), the feedstock for steel mills. The USGS lists these plants and their annual capacity:
- Sidor pellets: 4.25 million t.
- Ferrominera pellets: 1.1 million t.
- Orinoco Iron: 2.2 million t.
- Comsigua: 1 million t.
- Briqcar: 870,000 t.
- Briqven: 440,000 t.
In 2022 the country produced 277,000 tons of direct-reduced iron and just 27,000 tons of raw steel.
What changed in 2026
- Organic Mining Law (April): opens mining to private and foreign companies under concessions or licenses.
- U.S. licenses (OFAC): since March, trade in Venezuelan-origin minerals is allowed under conditions. The current version is GL 51C, from August.
- New mines: Ferrominera said Cerro Redondo would start operating in September 2026, with a 1,400-ton-per-hour crusher. Investors project 5 million tons processed in the first year. As of October 13 we have found no public confirmation that it has started.
What is still unknown
- Output in 2023, 2024 and 2025 in tons. Only official percentages exist.
- How much is exported, and to whom.
- Whether Cerro Redondo is operating, and who the Chinese partner in Grupo Redondo is. Ferrominera does not name it.
To see iron ore alongside Venezuela’s other minerals, read Venezuela Minerals: List, Locations and the Most Valuable.