Brazil's Lula announces council and sovereign fund to develop rare‑earth sector

President Luiz Inácio Lula da Silva said Brazil will treat rare earths and other critical minerals as matters of sovereignty and national security. He announced the creation of a national council directly reporting to the presidency to steer a state policy on rare‑earth extraction, processing and industrialization. Lula also proposed a sovereign wealth fund, modeled on the pre‑sale oil fund, to ensure that revenues from these minerals benefit the Brazilian population, especially poorer regions. Brazil holds about 23 % of global rare‑earth reserves, second only to China, and the president noted that only around 30 % of the country has been geologically prospected, calling for expanded studies. The president linked the initiative to broader goals of multilateral reform, reduced global military spending, and increased focus on poverty, hunger and energy access.