Peru’s critical minerals: A key to sustainable growth and US partnership

In today’s global push toward a green economy, securing the minerals essential for clean energy production has become more important than ever. From electric vehicles to renewable energy storage, sustainability hinges on access to critical minerals such as copper, lithium, and rare earth elements. Peru, as one of the world’s most resource-rich nations, holds a key role in this transition. Our reserves of copper, silver, zinc, and lithium are essential to the technologies driving change in nearly every industry, and they power the devices and infrastructure that are crucial to a cleaner, more sustainable future.

This year, Peru and the US took a significant step forward in collaboration with a memorandum of understanding (MOU), signed in August, that paved the way for greater foreign direct investment (FDI) and shared technological innovation. The MOU represents a strong commitment from both countries to increase mineral accessibility and enhance sustainable mining practices, which are crucial for meeting the world’s climate goals. With this partnership, Peru is poised to play a central role in supplying the US with the critical materials required to meet rising demand while ensuring responsible and environmentally sound extraction processes.

To underscore the importance of this collaboration, I joined a historic delegation of over 300 Peruvian business leaders at MINEXPO 2024, held in Las Vegas. This event, which brought together the world’s top mining professionals, marked Peru’s largest-ever presence at an international mining conference. It was a testament to our dedication to building a strategic and sustainable relationship with the US in the mining sector. Our delegation engaged with leading US companies and officials, discussing both immediate and long-term initiatives that will expand access to critical minerals for both nations.

Peru’s vast reserves position us as an invaluable partner for the US transition to a green economy. Our country is currently the world’s second-largest exporter of copper and ranks highly in the production of other essential minerals, holding more than 6 t of lithium and managing 31 active copper projects with nearly US$40 billion in potential investments. These resources are critical for producing electric vehicles, renewable energy storage systems, smartphones, and more – enabling the US to bolster its energy independence and sustainability.

This partnership also signals a new era for Peru’s economy. Increased investment in mining technologies and green solutions will strengthen our role in global supply chains while supporting our local communities with sustainable economic development. The MOU further enables us to engage in initiatives like the Mineral Security Partnership Forum and the Alliance for Economic Prosperity in the Americas, providing new opportunities for collaboration on governance, security, and technological advancements in mineral extraction.

MINEXPO also offered the opportunity for Peru to share its cultural heritage and mining expertise with an international audience. Peru Day and networking events highlighted both the rich history of mining in our country – dating back to pre-Inca times – and our commitment to modern, sustainable practices. As we continue to strengthen the US Peru partnership, we look forward to further advancing sustainable mining and developing the mineral resources that will power a greener world.

Together, the US and Peru are building a future founded on shared resources and mutual growth, grounded in a vision for a cleaner, more resilient planet.

Read the article online at: https://www.globalminingreview.com/special-reports/12112024/perus-critical-minerals-a-key-to-sustainable-growth-and-us-partnership/