Citi: Latin America Holds 41% of the World's Copper and Draws Capital for Critical Minerals

A Citi analysis released on August 26 positions Latin America as a focal point for global mining capital. The region accounts for 41% of the world's extracted copper, 19% of lithium, and 22% of zinc, according to figures reported by Bloomberg Línea.

The analysis aligns with projections from the International Energy Agency (IEA), whose Global Critical Minerals Outlook 2026 notes that Latin America and the Caribbean hold significant shares of global resources in lithium, copper, silver, and graphite. According to the IEA, in 2025 countries in the region refined an average of 20% of the energy minerals they extracted, excluding lithium, and exported the remainder for processing abroad. China dominates much of the global processing of critical minerals, while the region remains concentrated on extraction, according to the Citi analysis. Citi estimates the world will need US$1.65 trillion in investment through 2035 to meet projected demand for critical minerals, with copper requiring approximately US$780 billion and lithium close to US$340 billion.

Mexico has been the world's leading silver producer for more than 16 years, and its competitive edge, according to Citi, is geographic: proximity to the U.S. market positions the country to serve automotive demand and electrification in the northern part of the region. Chile received the largest share of the US$3.2 billion the region obtained in exploration funding in 2025, and by 2040 the minerals growth opportunity is estimated at US$154 billion, of which US$130 billion corresponds to new mining activity. Argentina adds US$50 billion between approved and under-evaluation mining projects, and Brazil concentrates opportunities in rare earths and niobium, according to the same analysis. Citi's Global Head of Metals and Mining, William Husband, said the region "has become a major focus of attention globally" compared to traditional mining jurisdictions.

The next frontier is converting resources into bankable projects: the IEA projects the region's economic opportunity at US$185 billion in 2035, with only one-fifth coming from refining. The trajectory of copper projects in Chile, Peru, and Argentina and access to long-term financing will determine whether that capital ultimately materializes.

This article was written with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.