The South American country is the world’s second-largest copper and zinc producer and third-largest silver miner.
Over the weekend, the Peruvian government signed agreements with South Korea and Japan to cooperate on critical mineral supply chains. On Saturday, on the sidelines of the Asia-Pacific Economic Cooperation Forum (APEC) leader meeting in the South American country, South Korean President Yoon Suk Yeol and Peruvian President Dina Boluarte signed multiple agreements to cooperate in critical minerals and the defense sector.
Following the APEC meeting, Shigeru Ishiba, Prime Minister of Japan, met with Boluarte on Sunday to discuss the two countries’ relations. In a joint statement, the two countries reaffirmed their strategic partnership. They adopted a road map under which they will further deepen economic, political, and people-to-people ties, as well as a ramp-up of cooperation in defense, science, renewable energy, and critical mineral sectors over the next decade.
Peru is increasingly coming into focus as countries around the globe seek to diversify supply chains of critical minerals away from industry leader China. The South American country is the world’s second-largest producer of copper and zinc and the third-largest silver miner, according to data from the United States Geological Survey. In August, the United States also signed an agreement to cooperate on critical minerals (we reported). However, the People’s Republic is also ramping up efforts to boost ties with Peru. On Friday, China opened a new deep-water port in Chancay, north of Lima, as the latest part of its Belt and Road Initiative. The port will be operated exclusively by Chinese shipping giant Cosco for 30 years, a detail the Peruvian government described as an “administrative error.” It sought to alter the terms earlier this year. However, a lawsuit was dropped in June before Boluarte visited the People’s Republic.
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