A memorandum signed between Armenia and the United States on cooperation in the extraction and processing of critical minerals and rare earths is only the beginning, and could soon lead to concrete investment and practical outcomes, Armenian Foreign Minister Ararat Mirzoyan said.

Speaking during a briefing with journalists, Mirzoyan responded to a question regarding cooperation between Armenia and the United States in the field of extracting and processing critical minerals and rare earth elements.

“Yes, the document on critical minerals and rare earths is a memorandum, and it should be followed by various concrete agreements and specific deals. As often happens, before the ink on the paper has even dried, we see a flood of criticism and scepticism, with claims that this is merely a memorandum and nothing will work,” Mirzoyan said.

“However, let me remind you that not long after the memorandum on artificial intelligence and semiconductors was signed on August 8 last year, we saw semiconductors entering Armenia and, within that framework, the expansion of activities surrounding an artificial intelligence data centre,” he added.

According to the foreign minister, in the field of critical minerals and rare earth elements as well, governments create environments, shape conditions, establish rules and send signals to businesses that they will work to facilitate cooperation.

“I will not hide the fact that there are already preliminary ideas regarding investments, but I will not rush to speak publicly about them now, because they are still at the stage of an initial exchange of views. Let the discussions become more focused, and let companies on both sides explore mutual interests. But I would venture to say that in the near future we will also see very concrete developments in the field of critical minerals and rare earth elements,” Mirzoyan said.

Earlier, Armenia and the United States signed a framework memorandum on securing supply chains in the extraction and processing of critical minerals and rare earths.

The memorandum was signed during a visit to Yerevan by U.S. Secretary of State Marco Rubio.