Brazil participated in a meeting in the United States this Wednesday in which the North American vice president, JD Vance, revealed plans to bring together allies in a trading bloc for critical minerals, but the country is still evaluating whether it will join the group, according to members of the Brazilian government.
Itamaraty confirmed to Reuters that Brazil was present at the meeting through its Embassy, but did not inform whether the country could join the initiative or how possible participation could take place.
A Brazilian government source explained that Brazil is open to partnerships, but only if they bring added value to the country. Furthermore, he stated that, due to the dimension of the issue, it needs to be addressed bilaterally and that a decision will not be taken quickly.
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The Trump administration has stepped up efforts to secure U.S. supplies of critical minerals after China roiled global markets last year by withholding rare earths needed by U.S. automakers and other industrial manufacturers.
In this scenario, Brazil has been the target of North American interest and that of other countries, given its great potential for exploring critical minerals, such as rare earths, copper, nickel, niobium, among others.
The source also mentioned that the government is preparing to start talks for President Luiz Inácio Lula da Silva’s trip to Washington and that, if this topic is of interest to the US, it could be put on the table.
The Ministry of Mines and Energy, in turn, told Reuters this Wednesday that it is open to dialogue and international initiatives ‘in line with national interests and the principles of the country’s economic and social development’.
Without responding directly about the meeting this Wednesday, the ministry also stated that Brazilian action is guided by the strengthening of international cooperation, the attraction of investments, technological and industrial development in the country and the insertion of Brazil in global value chains, in dialogue with different partners, including the United States, the European Union, China and other strategic actors.
Commissions from different parts of the world have sought out mining companies in Brazil and scheduled meetings with the Brazilian Mining Institute (Ibram), which represents the main companies in the sector in the country, such as Vale, BHP and Anglo American.
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In the case of rare earths, Brazil has the second largest global reserves, behind only China, but few projects in development.
On Monday, Trump launched a strategic North American package of critical minerals, called Project Vault, supported by $10 billion in seed financing from the U.S. Export-Import Bank and $2 billion in private financing.
US Secretary of State Marco Rubio said that 55 countries participated in the negotiations in Washington, including South Korea, India, Thailand, Japan, Germany, Australia and the Democratic Republic of Congo, all with different refining or mining capabilities.
