Oct. 6 (UPI) -- Chile and Peru have announced the launch of "Project 51," an alliance aimed at enabling the two countries to supply 51% of the world's copper within 15 years amid forecasts of sustained demand for the mineral.
The plan also seeks to promote copper industrialization and build a value chain capable of supplying high-tech industries, including NASA.
The main goal of the agreement is to shift from exporting copper concentrates and cathodes to providing finished products and value-added services for markets such as electric vehicles, smart infrastructure and aerospace. This would allow both nations to position themselves as global suppliers of more sophisticated copper products.
Currently, Chile and Peru account for nearly 40% of global supply -- Chile with a projected 5.58 million tons this year and Peru with 2.5 million tons.
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