São Paulo, August 28th (Argus) - Four South American countries signed a joint declaration on Friday to promote the development of strategic minerals.
Chile's mining minister, Daniel Mas, said that the mining ministers of Argentina, Bolivia, Chile, and Peru signed the declaration, "positioning the four South American countries as the most reliable, sustainable, and competitive strategic mineral suppliers."
According to data from the United States Geological Survey (USGS), these countries have huge strategic mineral reserves needed for the energy transition.
In the transformation that began in 2023, these four countries are now ruled by right-wing governments and are striving to attract private investment in natural resource extraction. These four companies are also staunch allies of the US government and its strategic mineral strategy.
The Declaration calls for support for sustainable supply chains, the exchange of best practices in regulation and environmental frameworks, technological and institutional cooperation, and the attraction of responsible investment.
Chile is the world's largest copper producer and has the richest reserves, while Peru ranks third in terms of production and reserves. Argentina has huge copper reserves but has only started mining them. It predicts that from 2030, production will exceed 1 million tons per year.
Chile, Argentina, and Bolivia form the "Lithium Triangle," with the largest lithium reserves and resources in the world. According to data from the US Geological Survey, last year, Chile was the third-largest lithium producer globally, and Argentina was the fifth. Bolivia's lithium resources are comparable to those of Chile and Argentina, but its production is very low. Peru has some lithium, but it is hard rock lithium.
As for Argentina, it is attracting capital through its large-scale investment mechanism, Rigi, which provides tax, customs, and legal stability. Of the 22 Rigi projects approved so far, 12 are mining projects, almost all of which are copper and lithium projects. Bolivia is formulating a new mining law, and Peru plans to amend the law with the goal of bringing 40 billion US dollars of proposed mining projects into development.
