Santiago: Chile, Argentina, Bolivia, and Peru have united under a new agreement aimed at bolstering regional cooperation on strategic minerals such as copper and lithium, as reported by local media. This joint declaration was signed Thursday, marking a significant step in the countries' efforts to leverage their mineral resources and strengthen their global position in critical mineral supply.
According to Anadolu Agency, the declaration outlines objectives to encourage responsible investment, fortify regional supply chains, and enhance collaboration in areas like geological information, regulatory frameworks, and technological advancement. This initiative comes amid a growing global demand for resources vital to the energy transition and other strategic sectors.
Chilean Economy and Mining Minister Daniel Mas emphasized the anticipated surge in demand for critical minerals, driven by the energy transition and the proliferation of artificial intelligence. He noted that this could lead to a 400% to 600% increase in global demand over the next decade. Argentine Mining Secretary Luis Lucero underscored the region's geological potential, suggesting that long-term mining projects could bolster the four countries' role in global copper production.
Bolivia's Deputy Minister of Mining Policy, Regulation, and Oversight, Walter Landivar, highlighted the regional challenge of transforming mineral resources into opportunities for value-added production, economic growth, and technical integration. The declaration includes mechanisms for cooperation on geological information, mining policies, regulatory standards, and oversight, while promoting coordination among the nations.
Additionally, the agreement calls for the creation of working groups to develop joint initiatives in geological research, specialized training, and human capital development for the mining sector. It also seeks collaboration with multilateral institutions to secure technical and financial support for projects focused on strategic minerals.
The pact highlights Chile's position as the world's largest copper producer and Argentina's significant copper resources, alongside Bolivia's vast lithium reserves and Peru's standing as a leading copper producer. This cooperation reflects a strategic move by South American countries to align mining policies and attract investment, as the global demand for copper, lithium, and other strategic minerals continues to rise.