South American nations sign joint declaration on strategic minerals

Argentina, Chile, Bolivia, and Peru have signed a joint declaration in Santiago to coordinate policies regarding strategic minerals. The agreement aims to attract investment and position the Southern Cone as a reliable supplier for the global energy transition, electromobility, and the technology industry.

While the region holds significant geological resources, specifically within the Lithium Triangle, a structural challenge remains. Although the area contains approximately 60% of the world's identified lithium resources, China currently controls roughly 75% of the global lithium refining process. The participating nations seek to strengthen their collective influence to avoid merely exporting raw materials without capturing industrial value.

In a related bilateral development, Argentine and Chilean officials reaffirmed cooperation in energy, mining, commerce, connectivity, and security. The joint declaration between the two nations also addressed regional interests in the South Atlantic and Antarctica, while acknowledging existing treaties regarding the Strait of Magellan.