The critical minerals memorandum establishes a framework for exploration, processing and trade cooperation in rare earth elements, lithium, copper and tungsten. Both governments committed to mobilize public and private support through guarantees, loans, equity, offtake agreements, insurance or regulatory facilitation to identify and finance joint extraction and processing projects within six months of signing. The framework calls for streamlined permitting, minimum price protection mechanisms, national security review tools for asset sales, recycling technology investment and geological mapping cooperation.
China produced approximately 67,000 of the 85,000 tons of tungsten mined globally in 2025, representing 80 percent of world supply according to the US Geological Survey. The International Energy Agency calculated China contributed roughly 60 percent of global rare earths mining in 2024 and controls approximately 90 percent of separation and refinement capacity, the stage converting raw ore into industrial feedstock. The Trump administration created the Forum on Geostrategic Engagement with Resources in February to reduce dependence on Chinese supply chains for 17 elements used in electronics, electric vehicles and defense systems.
The nuclear cooperation memorandum expresses joint intent to develop regulatory capacity, industry partnerships and scientific exchanges supporting civil nuclear infrastructure and workforce training in Colombia. The framework covers exploration of US nuclear technologies including advanced and small modular reactors, fuel, equipment and services for both energy and non-energy applications such as research reactors, radioisotopes, nuclear medicine, agriculture and waste management. Section 123 of the US Atomic Energy Act authorizes civil nuclear technology transfer for energy or scientific use in exchange for recipient countries meeting International Atomic Energy Agency standards.
Colombia retains sovereignty over all resources under its territory and any subsequent decisions on projects, companies or investment must conform to national legislation and approvals required in each country. The State Department has signed Section 123 agreements with more than 25 countries since 1954. The Barranquilla memoranda represent the De la Espriella government’s attempt to secure temporary suspension of the 12.5 percent tariff the United States applies to certain Colombian imports including flowers, aimed at relieving businesses facing economic consequences from the August 10 earthquake. Rubio continued his regional tour to Ecuador and Peru following the Colombia visit.
This article was curated and published as part of our South American energy market coverage.
