Peru is pushing forward with unprecedented efforts to develop its lithium and uranium resources, aiming to go beyond its traditional role as a producer of copper, gold, zinc, silver, and tin, and become a key link in the global critical minerals supply chain.
Earlier this year, the Peruvian government issued a supreme decree officially designating lithium and uranium as strategic national minerals. The decree states that lithium and uranium are core strategic minerals that underpin the global energy transition, the industrialization of new energy vehicles, energy storage systems, and smart city development, with steadily rising geopolitical and economic value worldwide. Peru’s Ministry of Energy and Mines, in coordination with the Ministry of Housing, Construction and Sanitation, held the first International Forum on Lithium and Uranium on July 7‑8 in Lima, under the theme “Lithium and Uranium: Energy Pillars for Peru and Global Mining, High‑Tech Industries, and Smart Cities.” Backed by the national decree, the forum served as a core platform for connecting Peru with global capital and technology in the critical minerals sector.
Peru’s Minister of Energy and Mines, Valdir Ayasta Mechaín, said at the forum that Peru cannot be a bystander in the global energy transition; it must become a protagonist. “Our goal is for more companies to invest in these projects, always under strict environmental and social standards, so that Peru’s geological potential translates into more investment, jobs, and sustainable regional development,” said Ayasta. He emphasized that the real challenge lies not only in extracting resources but also in knowledge creation, technology upgrading, and value addition.
Peru’s lithium and uranium resources are concentrated mainly in the Macusani plateau in the Carabaya province of the Puno region, near the border with Bolivia. Currently, there are three key projects in the area: the Falchani and Quelcaya projects focused on lithium, and the Isibilla project focused on uranium. The Falchani project has entered the stage of semi‑detailed environmental impact assessment, and the Quelcaya project has already obtained an environmental permit for exploration.
These projects are held by Canadian‑listed American Lithium through its subsidiaries. Falchani is one of the world’s largest hard‑rock lithium and caesium deposits, and Macusani is the largest undeveloped uranium project in Latin America. Estimates indicate that the Falchani project has proven and indicated resources of approximately 5.53 million tonnes of lithium carbonate equivalent. An updated preliminary economic assessment shows a post‑tax net present value of over US$5.11 billion and an internal rate of return of 32 percent. The project is planned to be developed in phases, with an initial annual production of 23,000 tonnes of lithium carbonate and stable‑phase capacity rising to 41,000 tonnes per year, over a mine life of more than 26 years.
The President and Chief Operating Officer of American Lithium said that Peru’s national‑decree recognition of lithium and uranium as strategic minerals is a milestone policy for the country’s mining development, confirming the company’s judgment of the value of Peru’s high‑quality resources.
Analysts point out that traditional lithium resources in South America are highly concentrated in the “lithium triangle” of Chile, Argentina, and Bolivia. Peru had previously lagged behind due to factors such as vague policies and long permitting timelines. The new decree, which simultaneously establishes the strategic status of both lithium and uranium, is expected to attract foreign mining investment, improve the upstream raw material supply chain for lithium‑ion batteries and nuclear power, and reshape the global supply landscape for hard‑rock lithium and uranium. With Lima hosting the 27th World Mining Congress in the second half of this year, Peru is likely to further consolidate its position as a Latin American hub for lithium and uranium resources.