The critical minerals market in Latin America and the Caribbean represents approximately US$ 180,000 million, which is equivalent to 25% of the world market. Major minerals include copper, iron ore, gold, and silver. The region has sustained production and significant reserves, but faces the risk of repeating the extractivist model of the 20th century, exporting raw materials without capturing the added value of industrial chains, such as batteries or electric cars. Countries such as Chile and Argentina are implementing policies to retain greater value, such as the partial nationalization of lithium and incentives for local manufacturing.
To fully realize the potential of critical minerals and contribute to sustainable development and emission reductions, regional policy and strategy coordination is essential. This would allow the region to not only be a supplier of raw materials, but also add value locally. The lack of regional coordination and proprietary technologies limits this potential, but with joint efforts, the region could move towards a more sustainable and beneficial model for its economies.
