IDB to connect Latin America critical minerals supply with global demand

The Inter-American Development Bank unveiled its new Latin American and Caribbean Minerals initiative, designed to align the region, the world, and IDB around the supply and demand of critical minerals.

The initiative, known as LAC Minerals — which the bank announced on Thursday during its annual meetings in Asunción, Paraguay — will help countries in the region extract minerals, but more crucially, move beyond extraction to refining, processing, and retaining downstream value creation.

For the rest of the world, the goal is to boost mineral supply chain security. IDB aims to facilitate private investment and international trade and purchase agreements in the expanding global market for critical minerals, expected to reach $770 billion by 2040, according to the International Energy Agency.