Over half of the world’s lithium, a metal used in batteries for electric vehicles, can be found in Latin America. The region also produces two-fifths of its copper and a quarter of its nickel
, can be found in Latin America. The region also has two-fifths of its copper and a quarter of its nickel. Recently delegations from the United States and the European Union have flocked there partly to secure resources that will be needed in the energy transition and to diversify their supply away from China. In March John Kerry, President Joe Biden’s climate tsar, visited the continent. German officials have scheduled at least three high-level meetings in South America this year.
Yet Latin America stands out for the speed with which countries are wielding state control. The Resource Nationalism Index, a ranking produced by Verisk Maplecroft, a consultancy, monitors royalty increases, demands for locally produced goods and expropriation of assets. In the latest ranking from this year, Mexico jumped to 3rd place, from 98th in 2018. Argentina is at 19th place, from 41st. Chile ranks at 70th, up from 89th in 2018.
The new left has three goals. The first is to increase the state’s revenues and economic clout. If forecasts are right, then the green transition could be continent-changing. Anworking paper reckons that in order for the world to reach net-zero emissions by 2050, revenues for lithium, copper, cobalt and nickel producers could rise fourfold. The cumulative value of global production could be $13trn between 2021 and 2040.
Chile is one of the places that is most likely to benefit from the windfall. Already mining, mostly of copper, represented 15% ofand 62% of its exports in 2021. Codelco, the state copper-mining company, provides over three times the tax revenue of private companies per unit of production, according to, a Chilean think-tank. Mr Boric hopes the state lithium firm can do the same. Tangible signs of this jackpot are already visible.
Belgique Dernières Nouvelles, Belgique Actualités
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