Argentina Eyes $32.7 Billion Mining Export Boom

Javier Milei is positioning Argentina’s mining sector for rapid expansion, with the country expecting lithium and copper exports to reach $32.7 billion annually within a decade.

Mining Minister Luis Lucero said Argentina could export $12.1 billion worth of lithium and $20.6 billion worth of copper over the next 10 years. The forecast marks a sharp rise from the country’s $6 billion in mining exports recorded last year.

RIGI Scheme Drives Mining Investment

The projected increase reflects growing confidence in Argentina’s Large Investment Incentive Regime, known as RIGI, which the government introduced in 2024 to attract foreign capital into strategic sectors.

Lucero said the total value of mining projects submitted to or approved under the RIGI framework has already reached $50.692 billion. President Milei previously stated that the programme could draw around $70 billion in investment interest within a year of implementation.

The mining minister described the export forecast as evidence that the scheme is beginning to unlock large-scale investment in lithium and copper production. If achieved, the projected export figures would exceed Argentina’s 2025 mining exports by more than five times.

Lithium and Copper Output Set to Expand

Speaking at a mining conference in San Juan province, Lucero said Argentina could produce 580,000 tonnes of Lithium Carbonate Equivalent annually within a decade. He also projected yearly copper production of 1.641 million tonnes.

Argentina already ranks as the world’s fourth-largest lithium supplier. Together with Chile and Bolivia, the country forms the “lithium triangle”, a region that contains some of the world’s largest lithium reserves.

Lithium remains a critical material for electric vehicles, electronics and energy-storage technologies. Consequently, global demand for the metal has encouraged major mining groups to expand investments across South America.

Global Miners Expand Presence in Argentina

RIGI has helped Argentina attract interest from major international mining companies, including BHP and Rio Tinto.

Among the country’s most significant copper developments is the Vicuna project, backed by BHP and Lundin Mining. Another major project is Los Azules, operated by McEwen Mining subsidiary McEwen Copper.

Most of Argentina’s large copper projects are expected to begin operations around 2030. In addition, the country continues to export gold and silver alongside lithium production.

Argentina Promotes “Copper Triangle”

Lucero said a new “copper triangle” involving Argentina, Chile and Peru is beginning to emerge as regional copper development accelerates.

He argued that Argentina’s biggest advantage lies in its untapped geological potential and large areas still open for exploration.

“Our great comparative advantage is that Argentina is just getting started,” Lucero said. “We have vast stretches of virgin territory to explore and a still underdeveloped geological potential. We have a historic opportunity.”

With inputs from Reuters