The geography is almost the same or even uneven in favor of Argentina. But the results are so different that they are surprising. Chile exports a total of 53 billion dollars annually and is the world’s leading producer of copper and the second largest producer of lithium, even with fewer reserves at that time. mineral. Argentina exports only 4 billion dollars annually and is the fourth largest exporter of lithium. Peru, with a less extensive mountain range, exports 42 billion dollars in mining products.
The comparison is made by businessmen in the sector miner to measure the potential that Argentina has and that it has a window of opportunity ahead: the increase in demand for copper due to the energy transition. “As countries step up their climate ambitions, clean energy technologies will become the fastest growing demand segment for most countries.” minerals. The demand for copper will multiply by 3 in 2040 vs 2020,” they explain from the Chamber of Mining Entrepreneurs.
To measure the state of the situation, it is worth using some examples. Australita has 8% of the resources, of the lithium reserves. But it produces 53% of the world’s lithium. Chile has 11% of the resources, but produces 25% of all the mineral that is consumed. Argentina has 21% of the resources, but only produces 6% of the lithium.
With the other mineral critical the situation is worse. Argentina does not have any active copper mines, but it does have at least 7 “world-class” projects. La Alumbrera closed and the Josemaría, Los Azules, Pachón, Taca Taca, Mara, San Jorge projects are on hold; all on their way to being turned into mines. In addition, there is a long list of exploration projects. “Carrying out these copper projects requires capital outlays of at least 20 billion dollars. From practically zero copper production today, Argentina would reach an average level of 1,066 thousand tons per year (equivalent to 10% of the global copper deficit in 2035), businessmen repeat like a mantra.
President Javie Milei himself considered it and a complete chapter of the “Bases Law” has investments as its main recipients. mining large scale. The chapter intended for large investments foresees a series of enormous benefits that adapt to the demands of the sector. Free availability of foreign currency, tax benefits and, above all, regulatory and fiscal stability. According to the Argentine Chamber of Mining Companies, exports could rise to 12 billion dollars by 2032, and the generation of jobs could reach 180 thousand direct jobs. The average annual investment promised is around 3 billion dollars and the mountain provinces would benefit the most, but not the only ones: the mining value chain generates business diversity.
