Chile, Argentina, Bolivia, Peru sign pact on critical minerals

In a significant move to bolster their influence in the global market, the governments of Chile, Argentina, Bolivia, and Peru signed a joint declaration on critical minerals in Santiago. The agreement aims to position the region as a strategic and reliable partner for the supply of essential resources such as copper, lithium, and rare earth elements.

The declaration, signed by the respective mining ministers from each country, emphasizes fostering responsible investment and economic development throughout the entire value chain of the regional industry. It also outlines plans for exploring technical and institutional cooperation between the mining bodies of each nation. This includes sharing expertise in areas like geological surveying, public policy, and specialized human capital training.

Chile's Minister of Mining, Daniel Mas, described the declaration as the "first firm step towards a permanent alliance," aiming to establish the Southern Cone as the most dependable, sustainable, and competitive supplier of strategic minerals. He underscored the increasing global demand, noting that the energy transition and the advancement of artificial intelligence could increase the need for critical minerals by 400% to 600% in the next decade.

Argentina's Secretary of Mining, Luis Lucero, highlighted that Argentina will be part of a region producing over half the world's copper. He stressed the value of a shared vision for this long-term industry, even with differing national priorities. Bolivia's Vice Minister of Mining Policy, Regulation, and Fiscalization, Walter Landivar, added that the declaration facilitates experience exchange, technical cooperation, and the promotion of responsible investments, ultimately strengthening reliable supply chains and promoting productive integration.

Peruvian Minister of Energy and Mines, Guillermo Shinno, stated that the agreement goes beyond production and export figures. He emphasized that strategic minerals should serve as dynamic instruments for generating greater added value, ensuring reliable supply chains that contribute to closing social and economic gaps. The declaration also references the reactivated Mining Integration and Complementarity Treaty between Chile and Argentina as a precedent for this collaboration.