Chile, Argentina, Bolivia and Peru signed a joint declaration Thursday to strengthen regional cooperation on strategic minerals, particularly copper and lithium, local media reported.

The declaration aims to promote responsible investment, strengthen regional supply chains and deepen cooperation on geological information, regulation and technological development.

The four countries are seeking to capitalize on their mineral wealth and strengthen their position as global suppliers of resources considered critical for the energy transition and other strategic industries, according to the reports.

Chilean Economy and Mining Minister Daniel Mas said growing demand linked to the energy transition and the expansion of artificial intelligence could increase global demand for critical minerals by between 400% and 600% over the next decade, according to local media.

Argentine Mining Secretary Luis Lucero highlighted the region’s geological potential and said the four countries could strengthen their role in global copper production through long-term mining projects.

Bolivia’s Deputy Minister of Mining Policy, Regulation and Oversight Walter Landivar said the regional challenge was to “transform mineral resources into opportunities for greater value-added production, economic development and technical integration.”

The declaration establishes cooperation mechanisms covering geological information, mining policies, regulatory standards and oversight criteria, while seeking greater coordination among the four countries.

The governments also agreed to establish working groups to develop joint initiatives in areas including geological research, specialized training and human capital development for the mining sector.

The agreement also calls for cooperation with multilateral institutions to seek technical and financial support for projects related to strategic minerals.

Chile, the world’s largest copper producer, and Argentina hold significant copper resources, while Bolivia has some of the world’s largest lithium resources. Peru is also among the world’s leading copper producers.

The declaration comes as countries seek to secure supplies of critical minerals needed for renewable energy technologies, electric vehicles, batteries and advanced industries.

The agreement reflects growing efforts among South American countries to coordinate mining policies and attract investment as global demand for copper, lithium and other strategic minerals continues to rise.