Latin America could become this century’s commodity superpower

, a Chilean company that is the world’s leading producer of the stuff, hum as they pull up mineral-rich brine. In evaporation ponds, the liquid forms a patchwork of emerald and blue on the blindingly-bright crust.that ends in the lithium batteries that power electric vehicles . The global EV fleet will grow at least tenfold by 2030, to 250m, according to the International Energy Agency, a forecaster.

Demand fed by the green transition is likely to be more durable than the oil, coal and steel boom of the 2000s. That was fuelled by China’s industralisation, which stalled in the mid 2010s when it ran out of factories to build. By contrast, the energy transition is global and requires investment over decades. Low-carbon technologies are much hungrier for minerals than their dirtier equivalents. An electric car contains three to four times more copper than a petrol-fuelled one.

Mining and processing minerals are energy-intensive. But many countries in Latin America can tap cheap, green electricity for it. Renewables make up 45% of Brazil’s energy use, among the highest in the world, and the infrastructure to transmit this clean energy is growing. Chile aims to produce the cheapest green hydrogen by 2030, thanks to its 6,500km of coastline, sunny north and windy south.

Grand expansion plans are visible at the port of Santos, in the Brazilian state of São Paulo. Among rusty buildings,International, the trading arm of China’s state foodmaker, is building a second terminal that will boost its export capacity from 3m tonnes to 14m by 2026. Brazil accounts for 40% ofThe third pillar favouring Latin America is geopolitics. As the rivalry between the United States and China intensifies, countries are diversifying their import and investment sources.

Other obstacles abound. Chile’s copper ores have been reduced to low-grade deposits, forcing miners to dig deeper to produce the same amount. Climate change is making investors anxious. Earlier this year floods forced copper mines to close in Chile and Peru.

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