Under Secretary of State is traveling to Argentina, Ecuador, and Peru.
In search of new critical mineral supply sources, the U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, Jose W. Fernandez travels throughout South America from August 21-29. According to the Department of State, the tour aims to engage with “key partners in the Western Hemisphere on critical minerals supply chains” and seek mutually beneficial economic opportunities.
Fernandez will visit Ecuador, Peru, and Argentina. With representatives from the latter, he will sign a memorandum of understanding on critical minerals and open the U.S.-Argentina Energy Security Dialogue. The move will enable Argentina to better access the Minerals Security Partnership (MSP), possibly catalyzing public and private investment. The MSP is a U.S.-initiated, multilateral association launched in 2022 to strengthen supply chains of critical minerals, comprising 14 states and the European Union as members. In June, South Korea assumed the lead for one year (we reported).
Argentina: Major Lithium Producer
Argentina is a major lithium producer, while Peru is home to a significant share of the world’s silver and zinc production, according to the U.S. Geological Survey (PDF). Despite Chile boasting more extensive lithium reserves and more significant production, Argentina has become increasingly more attractive than its neighbor within the so-called lithium triangle, market intelligence firm S&P Global highlighted in a recent article (paywall).
Fernandez’s visit to the country is not the first instance in which Argentina became the center of attention regarding critical mineral supply chains. In February, the country hosted a U.S. delegation in the capital of Buenos Aires to discuss critical minerals, among other things (we reported).
Photo: iStock/inkoly