Chilean Cobalt Corp: U.S. Multinational Expediting Rare Earth Projects in Northern and Southern Chile

“Minerals for U.S. Defense”: Chilean Cobalt Progresses in Chile with Support from Glencore and Madesal

The «Strategic» Agreement Between Chile and the United States

The government of President José Antonio Kast, just hours after taking office, signed a Joint Declaration with the United States to establish bilateral consultations on critical minerals and rare earth elements. According to information released by the U.S. embassy, this strategic agreement aims to secure supply chains for the U.S. technology and defense industry, thereby enhancing cooperation with Chile in this vital resource sector.

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Simultaneously, the multinational Chilean Cobalt Corp., based in the U.S., is accelerating and intensifying its mining projects in Chilean territories.

The NeoRe Project in the Central-South Region

As reported by the specialized media Rumbo Minero on June 12, 2026, the rare earth project NeoRe, which covers the Regions of Biobío, Ñuble, and Maule near Cobquecura, continues to make headway in exploration, engineering, permitting, and technological development with the goal of building its first Modular Extraction Plant (MEP-1).

The company operates through NeoRe SpA and maintains an integrated development strategy aimed at enhancing the definition of mineral resources.

Progress in Exploration and Engineering

According to press information, since the beginning of exploration campaigns, NeoRe has completed 133 drillings, collectively advancing a total of 1,504 meters. These efforts have been conducted across 14 of the 35 identified targets within the mineral district, with 12 already drilled.

Sources indicate that basic engineering work, led by Equalitas Ingeniería Ltda., is nearly 25% complete, and the company asserts that results obtained from pilot-scale processing tests show “encouraging indicators” for recovering rare earth elements.

Artificial Intelligence and Technological Partnerships

According to Rumbo Minero, as part of its commitment to technological innovation, NeoRe will implement artificial intelligence (AI) tools and advanced geoscientific technologies to bolster its exploration programs.

The company announced a partnership with Mineral Forecast SpA, a Chilean firm specializing in AI applied to geosciences, which will enhance the generation of exploratory targets, optimize campaign prioritization, and accelerate the identification of mineral-rich zones within the district.

Investment from Glencore and Madesal

On May 21, 2026,Rumbo Minero reported that Chilean Cobalt Corp. secured financing through a private placement with a subsidiary of Glencore plc and Madesal SpA. Following this operation, Glencore holds approximately 5.6% of the company’s ordinary shares, while Madesal possesses 7.4%.

Duncan T. Blount, president and CEO of Chilean Cobalt, stated: “We are pleased to strengthen our relationship with Glencore and Madesal through this investment, reaffirming our confidence in our strategy, assets, and team.”

Statements from Strategic Partners

On their part, Burak Memis, Glencore’s Cobalt Trading Director, indicated that “leveraging our existing sales agreement and strategic alliance, we look forward to further strengthening our commercial relationship as Chilean Cobalt advances its projects.”

Fernando Saenz, General Director of Madesal SpA, added: “At Madesal, we are committed to advancing the responsible development of cobalt, copper, and rare earth elements, essential for advanced energy applications and materials, including the automotive, aerospace, and defense industries.”

The Company and Its Projects in Chile

Founded in the United States in 2017, Chilean Cobalt Corp. is a critical minerals exploration and development company. Its projects are primarily divided between the northern part of Chile—La Cobaltera and El Cofre in the Atacama region, focusing on cobalt and copper—and the central-south region—the NeoRe project in Biobío–Ñuble, concentrated on rare earths.

The company claims to be “committed to creating ecological and social value for all stakeholders, economic value for Chile and its local communities, and financial value for its shareholders.” In 2025, the firm signed a purchase agreement with Glencore for 100% of the cobalt and copper from its projects.

The management team of Chilean Cobalt Corp. is led by Duncan T. Blount as Chief Executive Officer and President; Jim Van Horn as Chief Financial Officer; and Andy Sloop as Safety Director. Additional directors include Dr. Lawrence W. Snee, Executive Vice President of Exploration, and Jeremy McCann in the area of Arruyo.