Brazil and Spain plan to broaden their cooperation in the critical minerals sector.
President Luiz Inacio Lula da Silva and Spanish prime minister Pedro Sanchez signed on Friday a memorandum of understanding covering several mining-related activities such as exploration, reuse of critical minerals, development and research, monitoring and calls for investments, among others. Bilateral cooperation is strategic for the energy transition in both countries, Brazil's mines and energy minister Alexandre Silveira said.
The agreement also aims develop public policies focused on sustainable mining practices such as traceability and decarbonization through an exchange of innovative technologies and regulations.
Brazil has a high critical minerals potential, boasting the world's largest niobium reserves and production, and also ranks second in rare earths and graphite reserves, third in nickel and sixth in lithium, according to Brazilian geological service SGB.
Critical minerals may reap $21.3bn in investments by 2030, according to mining institute Ibram.
