On September 8, 2026, U.S. Secretary of State Rubio and Colombian Foreign Minister Bula signed the "Framework Memorandum of Understanding on Critical Minerals and Rare Earth Mining and Processing Supply" in Barranquilla, witnessed by Colombian President Gustavo Petro.
The agreement coversrare earths, lithium, copper, tungsten, involving exploration, processing and trade, and incorporates ESG standards and geological survey cooperation.
The document is anon-binding framework: it does not create legal obligations, does not grant mining rights for specific deposits, Colombia retains resource sovereignty, and subsequent projects must undergo domestic approval. Joint project identification and financing matching will be launched within six months after signing.
Supply Chain Concentration Data
| Mineral Commodity | China's Share | Source |
|---|---|---|
| Tungsten (2025 Production) | Out of 85,000 tons of global production, China produced 67,000 tons,accounting for about 80% | USGS |
| Rare Earths (2024 Mining) | About60% of global total | IEA |
| Rare Earth Separation and Refining | About90% of global total | IEA |
The smelting and processing segment has higher concentration: China's rare earth smelting products account for94% of the global total, while copper smelting accounts for47%. In 2025, China had17 mineral commodities with the world's highest output, 11 of which accounted for more than 50% of global production.
U.S. Critical Minerals Diplomatic Layout
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February 2026, Washington Critical Minerals Ministerial Meeting, attended by54 countries and the European Commission, and the U.S. signed bilateral framework agreements with11 countries.
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Reserve Side: A$12 billion "Treasury Plan", targeting 60 mineral commodities to meet 60 days of U.S. manufacturing consumption; the U.S. Export-Import Bank will provide $10 billion in loans from this fund.
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Multilateral Mechanism: The original "Mineral Security Partnership" has been upgraded toFORGE, promoting a preferential trade zone for critical minerals and a price floor mechanism.
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Latin America Layout: Argentina, Peru, Ecuador and Paraguay have signed mineral framework agreements with the United States.
Risks and Constraints
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Political Resistance: Colombia's left-wing opposition criticized the president for signing the agreement bypassing parliament, raising the risk of sovereignty concession.
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Uncertain Funding Mechanism: The price floor plan has been abandoned, and congressional funding is insufficient; the Colombian agreement mentions tools such as guarantees, loans, capital and procurement agreements, but the specific funding sources are not clear.
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Long Cycle: From framework signing to mine commissioning, it requires geological exploration, environmental impact assessment approval, community consultation and infrastructure construction. The "six-month launch" of the non-binding framework refers to administrative procedures, not capacity release.
For Chinese Non-ferrous Enterprises
The short-term substantive impact is limited. The United States is promoting supply chain rule competition through the "54-country meeting + $12 billion reserve + price rules", and continuous monitoring is required.
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