Canada and Peru have signed a memorandum of understanding to strengthen collaboration on critical minerals and sustainable mining, marking a new chapter in their bilateral trade relationship.
The agreement, formalized on March 18, was signed by Canada’s Ambassador to Peru, Jean-Dominique Ieraci, representing Minister of Energy and Natural Resources Tim Hodgson, and Peru’s Minister of Energy and Mines, Angelo Victorino Alfaro Lombardi. This pact aims to foster innovation and promote responsible resource development while building a skilled workforce for a low-carbon future. Ieraci emphasized the deal as a reflection of the deep ties between the two nations and their shared commitment to advancing the mining sector.
Canada, a major player in Peru’s mining landscape, holds approximately C$11.2 billion in assets through 67 exploration and mining companies, making it the second-largest investor in the sector. Hodgson highlighted that Canada’s abundant mineral deposits and expertise are key to global demand, positioning agreements like this as part of Ottawa’s broader strategy to double non-US trade and drive economic growth domestically through international partnerships.
The MOU aligns with Canada’s leadership in the G7 Critical Minerals Production Alliance, an initiative designed to accelerate the development of critical minerals projects with trusted global partners. Peru becomes the 22nd country to join forces with Canada under this framework, which has already mobilized $18.5 billion in capital for projects in under six months. The focus on critical minerals, such as copper, underscores the urgency of securing supply chains for electrification and energy security amid rising global demand.
This partnership arrives at a time when Latin America is increasingly central to the critical minerals market, with countries like Peru playing a vital role due to their rich deposits. The agreement sets a foundation for sustainable practices that could serve as a model for other resource-rich regions.
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