Beyond Copper: The 14 Critical Minerals Redefining the Andean Supply Chain

By Harris M. Gomez

Strategic Advisory for Latin American Market Entry

Executive Summary

For decades, the global mining story around Chile and Peru has mainly focused on copper. While it’s still true that these two Andean nations produce about 40% of the world’s copper, a key strategic shift happened in the first quarter of 2026. With rising demands for the energy transition and the geopolitical need to diversify supply chains away from Chinese monopolies, both countries have quickly moved to develop their broader polymetallic resources.

In January 2026, the Chilean government unveiled its first-ever National Critical Minerals Strategy, officially expanding the scope and fast-tracking permits for 14 minerals beyond copper and lithium [1]. At the same time, Peru launched a $7.6 billion mining investment program aimed at leveraging its position as a top-three global producer of zinc, molybdenum, tin, and silver [2].

For international METS (Mining Equipment, Technology and Services) companies, junior explorers, and funding providers, this signals a structural growth in the overall addressable market. The “copper supercycle” is now developing into a diverse critical minerals supercycle, opening up new, high-value opportunities for specialised processing technology, exploration funding, and advanced extraction methods.

This whitepaper highlights the minerals targeted in these new national strategies, the regulatory reforms designed to speed up their extraction, and the strategic priorities for international firms aiming to secure a share in this expanding market.

The Strategic Pivot: Chile’s 14-Mineral Strategy

In late January 2026, the outgoing Chilean government released a comprehensive National Critical Minerals Strategy, a framework explicitly supported by the incoming Kast administration. The strategy emerged from a stark economic reality: while copper accounts for approximately 10-14% of Chile’s GDP directly (and a significantly higher share when including multiplier effects and exports), dependence on nearly one commodity leaves the national economy vulnerable to severe market cycle fluctuations [1] [6].

The new strategy officially categorises the country’s mineral wealth into tiers based on its current position in the global market and its future strategic importance. Notably, the strategy highlights 14 specific minerals that will receive prioritised government support, research funding, and streamlined permitting.

The Target Minerals

The strategy categorises these minerals into two primary groups [1]:

Top Tier (Current Market Strength):

• Molybdenum: Chile is a top-three global producer of molybdenum, alongside China and Peru. According to the U.S. Geological Survey (USGS), China leads global production with approximately 110,000 metric tons (around 42% of global output), followed by Peru at 41,000 metric tons (approximately 16%) and Chile at 38,000 metric tons (approximately 15%) [5]. Molybdenum is mostly recovered as a byproduct of copper porphyry operations.
• Rhenium: Another copper byproduct, vital for high-temperature superalloys used in aerospace and defence sectors.
• Lithium: Chile holds 27-28% of global reserves, with ambitious plans to significantly increase production capacity by 2030.

Strategic Growth Tier (Longer-Term Options):

• Cobalt: Crucial for battery cathodes. Chile’s approach focuses on existing tailings and new primary deposits to build a supply chain outside Africa.
• Rare Earth Elements (REEs): A key aspect of the March 2026 U.S.-Chile Joint Declaration, targeting heavy rare earths like dysprosium and terbium [3].
• Antimony, Tellurium, Selenium: Highly specialised minerals vital for solar panels, semiconductor manufacturing, and advanced electronics.
• Gold, Silver, Iron Ore, Boron, Titanium, Tungsten: Important industrial and tech metals where Chile’s reserves are still largely underexplored.

Regulatory and Permitting Reforms

The most significant commercial implication of the strategy is the commitment to regulatory reform. The government has pledged investment in geological data modernisation through 2026 to identify new deposits [1]. More importantly, the strategy outlines a framework to reduce the permitting timeline for designated critical mineral projects, aiming to streamline the historically lengthy approval process.

Peru’s Polymetallic Edge

While Chile aims to diversify its economy, Peru’s geological wealth has always been fundamentally polymetallic. Peru’s main advantage is its ability to extract several critical minerals from single mine sites, enhancing operational efficiencies and generating a variety of income streams that single-commodity projects cannot match.

The $7.6 Billion Investment Programme

In early 2026, Peru announced a $7.6 billion mining investment scheme aimed at upgrading eight key mine projects. While copper remains the primary commodity, the real worth of these expansions lies in the associated minerals [2]:

• Zinc & Tin: Peru is the world’s second-largest producer of zinc (behind China) and the third-largest producer of tin globally (behind China and Indonesia), according to the USGS Mineral Commodity Summaries 2026. Peru produced approximately 33,000 metric tons of tin in 2025, representing about 11% of global output [7]. Both minerals are critical for battery components and advanced electronics soldering.
• Silver: As the third-largest producer globally, Peru supplies approximately 12% of the world’s silver (around 3,100 metric tons in 2024). Demand for silver is rising because of its essential role in photovoltaic (solar) cells [5].
• Molybdenum: Peru’s second-largest molybdenum output in the world (41,000 metric tons in 2024, approximately 16% of global production) is a significant strategic asset. Molybdenum is essential for high-strength steel alloys used in energy infrastructure and defence applications [5].
• Nickel & Cobalt: Peru’s eastern Andean slopes are frontier exploration areas for nickel-cobalt laterite deposits. While currently in early stages of exploration and not yet producing at commercial scale, these regions present significant long-term potential for battery metal development as global demand for nickel and cobalt intensifies.

Additionally, on 18 March 2026, Canada and Peru signed a Memorandum of Understanding (MOU) focused on collaborating on critical minerals, signalling strong international confidence in Peru’s diversified mineral base [4].

The Technology Gap: Opportunities for METS

The shift from bulk copper mining to extracting 14 different critical minerals creates a significant capability gap in the Andean mining sector. Extracting tellurium, refining battery-grade lithium, or processing rare earth elements requires entirely different technological approaches than traditional copper flotation or leaching.

This gap presents the main opportunity for international METS companies:

1. Advanced Byproduct Recovery

Minerals such as molybdenum, rhenium, and cobalt are mainly recovered as byproducts from existing copper operations or historic tailings. METS companies that provide advanced separation technologies, precision sensors (like real-time slurry analysis), and specialised hydrometallurgical processes are in very high demand. Operators seek technologies that can cost-effectively extract these secondary minerals without disrupting primary copper production.

2. High-Purity Processing

Battery and technology applications require extremely high purity levels. For example, battery-grade lithium carbonate must exceed 99.5% purity, while other minerals used in the tech sector often demand 99.99% purity. International engineering firms and equipment manufacturers with expertise in high-precision refining, solvent extraction, and quality control systems have a clear competitive edge over local suppliers used to exporting bulk concentrates.

3. Water and Energy Efficiency

The extraction of these new minerals must take place within strict environmental limits of the Atacama Desert and the high Andes. Brine extraction for lithium, for instance, is highly water-intensive. METS companies that provide closed-loop water recycling, direct lithium extraction (DLE) technologies, and renewable energy integration are viewed not just as suppliers but as strategic partners vital for gaining regulatory approval.

Strategic Imperatives for International Firms

The growth of the Andean mining sector beyond copper calls for a reassessment of market entry and expansion strategies. Harris Gomez Group recommends three strategic imperatives for companies targeting this ecosystem.

1. Align with Bilateral Funding Mechanisms The extraction of these 14 minerals is heavily subsidised by international capital seeking to weaken Chinese supply chain dominance. The March 2026 U.S.-Chile Joint Declaration explicitly opens consultations on financing arrangements for rare earths and critical minerals [3]. International firms must organise their Latin American operations to qualify for these “friendshoring” capital pools, such as those available from the U.S. Development Finance Corporation (DFC) or Export Finance Australia.
2. Target the Mid-Tier and Junior Markets While the major copper porphyries are controlled by a few global Tier-One miners, the exploration and development of rare earths, cobalt, and antimony are mainly driven by nimble junior explorers and mid-tier operators. METS companies need to adjust their sales cycles and pricing structures to connect with these smaller, quick-moving entities, which often require flexible financing or risk-sharing commercial models.
3. Navigate the New Permitting Matrix While Chile plans to fast-track critical mineral permitting, the regulatory landscape remains complicated. Extracting secondary minerals from existing tailings, for example, often triggers new environmental liabilities and requires renegotiation of old water rights. Engineering firms and METS providers must collaborate with local legal and commercial advisors who understand how to structure contracts that protect intellectual property while navigating this changing regulatory framework.

Conclusion

Copper will remain the main economic driver for Chile and Peru in the foreseeable future. However, the first quarter of 2026 has marked a clear turning point. The formalisation of Chile’s 14-mineral strategy and Peru’s ambitious polymetallic expansion signals the start of a broader, more complex, and highly lucrative critical minerals ecosystem.

For international technology providers, engineering firms, and investors, the “Beyond Copper” thesis is no longer speculative; it is embedded in national policy and backed by billions in sovereign capital. Those firms that act swiftly to localise their expertise and align with these new strategic priorities will secure key positions in the supply chains of the next decade.

____________________________________________________________

About Harris Gomez Group: Harris Gomez Group is a leading commercial and legal advisory firm specialising in the mining, energy, and technology sectors throughout Latin America. With offices in Santiago, Lima, and Sydney, we offer the “Soft Landing” services that international METS companies and engineering firms need to effectively deploy capital and technology in Chile and Peru.

____________________________________________________________

References

[1] Mining.com, “Chile’s right-wing pivot puts mining policy under the microscope,” 24 Feb 2026.

[2] Mongabay, “Peru to invest $7.6 billion to continue critical minerals extraction,” 30 Jan 2026.

[3] La Tercera, “Declaración Chile-Estados Unidos sobre Minerales Críticos y Tierras Raras,” 17 Mar 2026.

[4] Government of Canada, “Canada and Peru sign agreement to collaborate on mining,” 18 Mar 2026.

[5] U.S. Geological Survey, Mineral Commodity Summaries 2025 (Molybdenum, Silver, Nickel sections).

[6] International Copper Association / CNEP Chile, “Productivity in the Chilean Copper Mining Industry” (copper represents over 10% of GDP and more than 50% of exports).

[7] U.S. Geological Survey, Mineral Commodity Summaries 2026 (Tin section).