US and Chile sign joint declaration on critical minerals and rare earth elements: Top points

On March 12, 2026, following the inauguration of President José Antonio Kast in Chile, the United States and Chile signed a joint declaration titled “Joint Declaration for the Establishment of Consultations on Critical Minerals and Rare Earth Elements” (Declaration), establishing a framework for bilateral consultations and cooperation on critical minerals and rare earth elements.

The Declaration reaffirms cooperation between the two countries. It is intended to support efforts to secure reliable supply chains for critical minerals and the Kast Administration’s intent to attract foreign investment and expand Chile’s productive matrix in the critical minerals sector.

Objectives and commitments in the Declaration

The Declaration seeks to strengthen mutual support in the supply of critical minerals, promoting resilience and security of critical minerals supply chains. The Declaration establishes a consultation period among technical counterparts to address, among other topics:

• Development of mechanisms to strengthen critical minerals and rare earth element supply chains
• Joint identification of projects of interest to address supply chain gaps
• Management of critical minerals and rare earth elements scrap, supporting diversification
• Exploration of financing mechanisms

The first consultation is expected to take place within 15 days of signing, with the intention of reaching a more detailed agreement.

The two countries have indicated their intent to institutionalize the Declaration, consolidating cooperation between Chile and the US on critical minerals and rare earth elements.

Scope of minerals covered

Although the Declaration broadly refers to “critical minerals and rare earth elements,” Chile’s strategic relevance stems from its position as a leading global producer of certain critical minerals. For example, Chile is:

• The largest copper producer, accounting for 23 percent of the world’s production
• The largest rhenium producer, accounting for more than 46 percent of the world’s production
• The second-largest lithium producer, accounting for more than 20 percent of the world’s production and nearly 30 percent of the world's reserves
• The third-largest molybdenum producer, accounting for nearly 15 percent of the world’s production

Chile also has significant potential for producing rare earth elements.

Potential for US funding through financing agencies

The US has acknowledged that governments alone cannot solve the supply chain challenges within the global critical minerals sector and is committed to close partnerships with the private sector. US government financing may be available for qualifying critical mineral projects through agencies such as the International Development Finance Corporation (DFC) and the Export–Import Bank of the US (EXIM). The Trump Administration has mandated that these agencies provide financing to upstream critical minerals projects whose commodities are exported to the US. In 2025, EXIM entered into letters of interest for USD14.1 billion, while DFC has invested and is exploring more than USD1 billion in critical minerals exploration and supply chains, with a focus on developing countries.

Learn more

For more information, please contact the authors.