Strengthening supply chains for critical minerals has become an urgent priority worldwide, and against this backdrop, Peru and Canada have moved to reinforce their collaboration through a Memorandum of Understanding (MoU). The arrangement places particular emphasis on critical minerals, sustainable mining practices and long-term economic cooperation. 

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The accord, completed on 18 March, brought together key representatives from both governments. It was signed by Jean-Dominique Ieraci, Canada’s Ambassador in Peru, acting on behalf of Tim Hodgson, and Peru’s Energy and Mines Minister, Angelo Victorino Alfaro Lombardi. 

At its core, the initiative seeks to drive innovation, raise environmental standards in extraction, and prepare a skilled labour force suited for a low-carbon industrial future. Ieraci described the move as evidence of the close and evolving partnership shared by the two countries.

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From an economic standpoint, Canada’s footprint in Peru is already substantial. Its companies, 67 in total across exploration and mining, account for approximately USD 11.2 billion in assets, positioning the country as the second-largest investor in the sector. Hodgson underlined that Canada’s rich mineral base and technical expertise are vital in addressing increasing global demand, adding that such agreements support a broader strategy aimed at diversifying trade links beyond the United States while boosting domestic growth.
The partnership also connects with Canada’s wider global agenda. Through its role in the G7 Critical Minerals Production Alliance, Ottawa has been working with like-minded nations to fast-track key mineral projects. 

Peru’s inclusion brings total participation to 22 countries, with the initiative having already generated USD 18.5 billion in funding in under half a year. This deal strengthens the relationship between the two countries and encourages a more sustainable approach to resource development. 

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