Paraguay Signs Agreement with US on Critical Minerals

Paraguay signed a memorandum of understanding on critical minerals on Wednesday as part of its strategic partnership with the United States, the South American country's foreign ministry reported. The document was signed during a meeting in Washington on critical minerals convened by US Secretary of State Marco Rubio, which was attended by Paraguayan Foreign Minister Rubén Ramírez.

"Paraguay and the United States commit to intensifying cooperation efforts to accelerate the secure supply of critical minerals necessary to support the manufacturing of advanced and defense technologies, as well as to strengthen their respective industrial bases," the foreign ministry stated in a communiqué.

Leveraging Existing Policy Tools and Resources
"The agreement includes leveraging existing policy tools, such as US industrial demand and storage infrastructure, as well as Paraguay's strategic reserves," it added.

Paraguayan authorities assert that the country has significant potential in critical minerals, although a large portion of these resources is in the prospecting or early development stages.

Regional Context
Argentina also reported on Wednesday that it signed a "framework instrument" on critical minerals with the United States aimed at consolidating stronger and more diversified value chains.