The US and Colombia have signed a non-binding framework to deepen cooperation on critical minerals and rare earths, with mining and processing projects forming the practical focus of the arrangement.
US Secretary of State Marco Rubio and Colombian Foreign Minister Omar Bula signed the framework in Barranquilla, Colombia, on 8 September.
According to the US Department of State, the agreement is intended to support more diversified mineral supply chains and encourage investment in extraction and processing.
The two governments plan to identify potential projects and mobilise financial support within six months. Support may include government guarantees, loans, equity investment, insurance, offtake agreements, and regulatory assistance.
However, neither government has named specific projects, companies, commodities, or committed funding amounts.
The framework also covers streamlined permitting, geological mapping, mineral recycling technology, and national security reviews of proposed critical mineral asset sales.
It identifies price floors and similar pricing mechanisms as possible tools for supporting alternative supply chains and countering non-market practices.
Colombia’s Ministry of Mines and Energy notes the arrangements are subject to national laws.
The ministry says cooperation will focus on improving geological knowledge, identifying responsible investment opportunities, promoting value-added processing and recycling, and strengthening environmental, social, and governance standards.
The signing took place during Rubio’s meeting with Colombian President Abelardo De La Espriella, which also covered trade and security cooperation, the Associated Press reports.
Rubio and Bula also signed a separate memorandum of understanding on civil nuclear cooperation. It covers regulatory development, scientific exchanges, workforce training, and the potential use of US technologies, including small modular reactors.
The critical minerals framework forms part of a wider US effort to establish alternative supply chains through bilateral agreements with mineral-producing countries.
Write to France Pinzon at Mining.com.au
Images: Unsplash
