The South American country has significant reserves of various raw materials.
The United States and Peru have signed a Memorandum of Understanding (MoU) on critical minerals, the U.S. Department of State announced. The signing took place on Thursday in Peru’s capital, Lima, during Under Secretary Jose W. Fernandez’s trip throughout South America. Over the last week and a half, Fernandez visited Argentina, Ecuador, and Peru in search of new sources of critical minerals (we reported). Following the signing of an MoU on critical minerals with his Argentinian counterpart and Ecuador’s entry to the Minerals Security Partnership Forum, Fernandez’s trip ended with the signing ceremony of the MoU in Peru. Under the agreement, the U.S. and Peru will enhance cooperation on critical mineral supply chains, as well as resource sector governance, investment, and global supply chain security, the Department said.
According to data from the U.S. Geological Survey (PDF), Peru is the third largest silver producer worldwide, accounting for roughly 12 percent of the total global output in 2023. In addition, the member of the Andean community is the world’s second largest copper producer, surpassed only by its southern neighbor, Chile. In addition, Peru also accounts for significant shares of the global gold, lead, tin, and zinc production.
Photo: Oleksii Liskonih
