Minister Luis Lucero stated that Argentina’s mining exports were expected to double in three years to around $10 billion, according to MercoPress.
He said Argentina was actively promoting several projects due to start later this year to become a global supplier of lithium and copper. Giant companies, such as BHP, Glencore, Lundin Mining, and First Quantum, stand behind some of the projects. Argentina’s mining exports are currently worth around $4 billion.
Under the leadership of President Javier Milei, the Argentine government is undertaking a major effort to support businesses in the mining industry, hoping to pull the economy out of recession after years of crisis.
Lucero stated that Argentina could possibly reach an annual capacity of 200,000 tonnes of lithium carbonate equivalent (LCE) by the end of next year or early 2026.
This would get us closer to third place among lithium producing countries. With these production levels, lithium would become the country’s main mineral export.
The Milei government gained the support of markets and businesses with measures to stimulate large foreign investments. Moreover, opinion polls show that people are willing to support its measures, albeit in declining proportion.
Minister Lucero estimated that major lithium projects would require capital expenditures of more than $8 billion, while major copper projects would need about $20 billion. He also recognised other “major challenges” such as improving energy infrastructure and road connectivity.
