VENEZUELA hit out at a “neo-fascist alliance” between the US and Brazil on Tuesday after new sanctions were imposed on its state-owned gold mining company Minerven.

As part of its programme to destabilise the Venezuelan government and topple President Nicolas Maduro Washington announced measures to block state mining assets and ban US citizens from dealing with the company.

Gold is seen as a potential lifeline for Venezuela’s economy with large quantities believed to be refined at a specially built facility in Corum, Turkey.

Mr Maduro explained that Venezuela is in the process of certifying 32 gold fields saying: “Everything suggests the country will be the second biggest gold reserve on the planet.”

Efforts to repatriate Venezuelan gold were hindered in February after US officials pressed the Bank of England to refuse to hand back gold worth £1.3 billion held in its vaults.

US President Donald Trump again raised the threat of military intervention against Venezuela during a visit to Brazil where he met far-right President Jair Bolsonaro.

Foreign Minister Jorge Arreaza described the threats made by the two heads of state as “grotesque” and a breach of the UN Charter.

“No neo-fascist alliance will succeed in overcoming the independent and sovereign will of the Venezuelan people,” he said.