Key facts
- Chile, Argentina, Bolivia, and Peru signed a joint declaration on strategic minerals.
- The pact aims to enhance regional cooperation, development, and investment.
- The participating nations hold significant copper and lithium reserves.
- They plan to seek financial and technical support from multilateral institutions.
- The United States and Chile also signed a separate declaration on critical minerals and rare earths.
- This U.S.-Chile agreement focuses on strengthening supply chains and investment.
Four South American nations—Chile, Argentina, Bolivia, and Peru—have signed a joint declaration to bolster cooperation on strategic minerals, aiming to position the region as a reliable global supplier for the energy transition. The agreement seeks to enhance development, coordination, and investment in critical resources.
The countries, which possess substantial copper and lithium reserves, announced their intention to pursue technical and financial backing from multilateral institutions. They also plan to initiate joint public-private calls for projects focused on research, innovation, and institution-building.
Separately, the United States and Chile have also signed a declaration to establish consultations on critical minerals and rare earths. This bilateral pact aims to strengthen supply chains and promote essential investments between the two nations. U.S. Deputy Secretary of State Christopher Landau emphasized the importance of these minerals for national security and commercial industries, particularly in the context of advanced technologies.
Chile, a leading global producer of copper and lithium, initially signed a declaration of intent with the U.S. rather than a full memorandum of understanding, as its new foreign minister had not yet had sufficient time to review the document. The U.S.-Chile agreement includes technical consultations within 15 days to explore financing mechanisms for critical mineral investment projects.
An economist noted that the declaration places Chile in a complex geopolitical position, potentially supplying inputs for U.S. military needs amidst escalating conflicts in the Middle East.