United States enters the global race for blue gold and finances million-dollar project in Latin America

Chile is emerging as a key player in the production of cobalt, a critical mineral for lithium-ion batteries used in electric cars and buses. By capitalizing on its vast resources and sustainable mining initiatives, the South American country is positioning itself at the forefront of the global push toward green energy and electromobility.

Cobalt mines reopened

US-based and US-listed critical minerals exploration and development company Chilean Cobalt Corp (C3) has made significant progress in advancing its cobalt and copper project in northern Chile, securing key agreements that could position the country as the world’s second-largest producer of this essential mineral for the electric vehicle revolution.

On June 30, the US Export-Import Bank (EXIM) approved $317 million in funding for Phase 1 of the La Cobaltera project, located in Chile’s Atacama region. This critical loan will enable C3 to restart production at a historic mining site that was active between 1844 and 1941.

In addition, Swiss mining giant Glencore has committed to purchasing the entirety of La Cobaltera’s production for the next five years. This agreement ensures the project’s commercial viability and represents a joint effort to counter China’s dominance in mining critical metals such as cobalt, which is a key component in electric vehicle batteries.

Exploration for cobalt-copper and copper oxide in Chile

C3’s CEO, Duncan T. Blount, emphasizes that this progress could significantly mitigate project risks while paving the way for expansion into additional exploration areas in Chile.

“La Cobaltera is one of the only few primary cobalt deposits known globally,” Blount explains. “With the district-scale potential that this project holds, we are focused on restarting and expanding these past-producing mines while exploring for additional resources. Operating in Chile, one of the world’s top mining jurisdictions and a US Free Trade Agreement country, we also offer an Americas-focused supply chain for end users who are interested in a reliable and sustainable source of this critical mineral.”

With concessions spanning more than 6,400 acres in the region, the company is committed to a long-term plan to establish itself as an operator of multiple mining sites.

C3 is focused not only on cobalt but also on copper, with an estimated annual production of 55 million pounds of copper and up to 11 million pounds of cobalt. This positions Chile at the forefront of responsible and sustainable mining practices on a global scale.

Codelco and Anglo American form strategic alliance

Last month, Codelco and Anglo American announced the signing of a Memorandum of Understanding (MOU) to form a strategic alliance aimed at enhancing the development of the Andina-Los Bronces mining district. This collaboration will involve the implementation of a Joint Mining Plan spanning from 2030 to 2051.

The plan is expected to optimize copper production in one of the world’s most significant mining regions, establishing the fourth-largest copper mining operation in existence.

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