Argentinas mining under the radar: record exports, lithium boom, and RIGI investment

The Argentine mining sector is increasingly becoming a core part of the country’s exports. According to a report by consulting firm Aleph Energy, mining exports totaled US$744 million in June, 9% of the country’s total exports.  The total figure for the first six months of 2026 is US$4.7 billion (9.7% of total exports), a record for the country during that period. Growth is driven by a combination of higher lithium volumes, rising international prices, and the sustained contribution of precious metals. Gold remained the leading export, but lithium solidified its position as the second-largest mining commodity and set a record for that month. The new investment landscape is also beginning to reshape the sector’s outlook. Projects approved under the Incentive Regime for Large Investments (in Spanish, RIGI) show that mining, energy, oil, and gas account for virtually all investor interest recorded so far, with major initiatives related to lithium, copper, gold, and silver. “Argentina has world-class geological resources, particularly in copper, lithium, gold, and silver, in an international context where the energy transition is driving growing demand for critical minerals,” Roberto Cacciola, president of the Argentine Chamber of Mining Companies (CAEM), told Herald sister publication Ámbito. “This opportunity has already begun to translate into concrete investments, as the mining sector accounts for nearly half of RIGI projects and investments totaling nearly US$40 billion, counting those approved and those currently under review,” he said. Lithium on the rise Lithium exports reached US$179 million in June, a 329% year-over-year jump and a 113% increase in 2026. These figures accounted for 28.5% of the month’s mining exports. Lithium carbonate was once again the most dynamic segment. Exports in June totaled 10,378 metric tons, a 65% y-o-y increase and 40% growth on a rolling-year basis. Total production was 11.562 tons (45% annual rise).  Although lithium carbonate production is concentrated in seven major projects, the report identifies 68 lithium operations in Argentina, belonging to 41 companies, all at various stages of development. meaning the country could expand its export scale in the coming years. High prices for gold, silver, and copper in an uneven scene Although lithium is the fastest-growing mineral, gold remains the main generator of revenue. In June, gold exports reached $401 million, with a 9% year-over-year increase and a 38% improvement over the last 12-month period. Veladero gold mine, in San Juan province. Gold accounted for 52% of the month’s mining exports. Silver, meanwhile, contributed US$108 million, with y-o-y growth of 116% and a 67% increase over the year. Together, metal-bearing minerals accounted for 69.2% of June’s mining exports. International prices show an uneven scenario. Spot lithium carbonate averaged US$21,100 per metric ton in June (a 160% year-over-year increase). Argentina’s export price for lithium carbonate was US$17,300 per metric ton (up 120%). Silver averaged US$66.7 per ounce, an 85% y-o-y increase. Gold stood at US$4,228 per ounce, up 26%. Copper averaged US$13,600 per metric ton, a 38% increase compared to June 2025. The report notes that prices were influenced by high interest rates in the United States, a strong dollar, and geopolitical tensions. In the case of copper, Chinese demand linked to power grids, renewable energy, household appliances, and data centers helped sustain high price levels. The lion’s share of RIGI investments are mining projects RIGI is emerging as one of the main tools for accelerating mining development. According to official data checked by Ámbito, there are 41 initiatives announced, totaling US$140 billion in investments.  Around 80% of that amount is tied to projects still under review. At time of writing, 16 projects for almost US$30 billion had been approved, with another 25 worth US$111 billion under review. This means that only 21.2% of the reported amount has received formal approval.  The sectoral breakdown highlights the importance of mining within the investment regime.  Of the 16 approved projects, most are in mining (9), followed by oil and gas (3), renewable energy (2), steel, and infrastructure (one each).  The extractive sector is also predominant among projects in review: oil and gas (12), mining (11), energy (1), and infrastructure (1). The overall picture shows that the RIGI is being driven almost exclusively by the development of Vaca Muerta, the expansion of energy exports, and large mining projects related to copper, lithium, gold, and silver. Copper and lithium set to drive new investments Mining projects approved under the RIGI regime total US$10.2 billion. Copper and lithium stand out as the minerals with the greatest potential to drive a new phase of expansion. San Juan ranks among the provinces that stand to benefit the most. The province is home to Los Azules, one of the country’s largest copper projects, with planned investments of US$2.6 billion, along with Carbonatos Profundos de Gualcamayo and the expansion of Veladero.  These three initiatives total US$3.7 billion. Lithium also features prominently in the sector. Approved projects include Rincón in Salta; the expansion of Cauchari-Olaroz in Jujuy; Hombre Muerto Oeste and the expansion of Minera del Altiplano, both in Catamarca. Added to this list is Diablillos, located between Salta and Catamarca, which is focused on gold and silver production. Also included is PSJ Cobre Mendocino, in Mendoza, with a projected investment of $891 million. This data is significant because it links the current export landscape with future expansion.  Today, gold, silver, and lithium account for the majority of mining exports, but copper is poised to grow significantly over the next decade if these projects move forward into construction and production. Mining provinces: Santa Cruz leads in exports The provincial snapshot shows a strong concentration of the export business. As of May 2026, Santa Cruz led provincial mining exports, followed by San Juan, Jujuy, Salta, Catamarca, and Chubut. The relative weight of mining within provincial exports is also significant. According to the report, mining exports accounted for 95.9% of total exports in Catamarca. In Santa Cruz, they accounted for 88.8%, in San Juan for 88.4%, in Jujuy for 88.2% and in Salta for 64.1%. The figure reflects the importance of the sector in regional economies where mining operates as one of the main sources of foreign currency, employment, and investment. Among the main export projects are Veladero, Cerro Vanguardia, Cerro Negro, Cauchari-Olaroz, San José, Chinchillas-Pirquitas, Lindero, Fénix, Olaroz, Centenario Ratones, Sal de Oro, and 3Q, among others. Mining employment According to information provided by CAEM, the mining industry already generates more than 110,000 jobs through direct and indirect employment and has the capacity to multiply that impact as new projects enter production. Mining has created more than 40,000 direct jobs, which represents 0.6% of employment in the registered private sector. “In addition to formal, quality employment, it drives infrastructure, regional development, and an extensive value chain made up mostly of Argentine suppliers. Its effect extends far beyond the mining provinces, mobilizing activities linked to industry, technology, logistics, energy, trade, and services,” Cacciola said. In terms of employment, the Alpeh report indicates that direct mining employment in Argentina reached 40,040 jobs in February 2026, up 0.5% year-on-year. Mining accounted for 0.6% of total employment in the registered private salaried sector. Female employment reached 5,312 jobs. Although the report does not provide details on its evolution, the figure helps put into perspective the participation of women in an industry that has historically been male-dominated. By segment, metallic minerals accounted for 32.3% of mining employment, despite representing just 5.9% of companies in the sector. Lithium, meanwhile, accounted for 13.5% of employment, with only 2.4% of companies. This shows that lithium and metallic-mineral companies have a much larger employment scale than the sector average. Fewer companies, greater concentration In February 2026, there were 999 mining companies, 56 fewer than in the same month a year earlier. The year-on-year decline was 5.3%. The metallic-mineral segment had 59 companies, but accounted for nearly one-third of mining employment. Within that segment, just 12 companies accounted for 82% of employment, with an average of 886 workers each. In lithium, the concentration was even greater. The report recorded 24 companies focused on the activity, but nine of them accounted for 94% of employment in the segment, with an average of 562 employees per company. Argentina on the global lithium map The report also incorporates international data from the U.S. Geological Survey. According to that information, global lithium production reached 288,380 tons in 2025, up from 239,880 tons in 2024. Argentina produced 23,000 tons of lithium in 2025, up from 18,000 tons in 2024 and far above the 5,970 tons recorded in 2021. The increase shows the pace of local growth within a global market dominated by Australia, China, and Chile. In terms of reserves, Argentina has 4.4 million tons of lithium, according to the 2025 data included in the report. In terms of resources, the country has 28 million tons, behind the United States and ahead of Chile, Australia, and China. The figure reinforces the country’s strategic relevance in the global market. Demand for lithium remains linked primarily to batteries, which account for 88% of end uses, driven by the growth of electric vehicles, grid storage, portable electronic devices, and power tools. An industry with record exports and execution challenges The August snapshot shows an Argentine mining industry with record exports, favorable prices in several segments, lithium expansion, and an investment portfolio that is beginning to gain scale under the RIGI. The sector already has a consolidated export base in gold and silver, while lithium is becoming the main engine of growth. The start-up of new projects and ongoing expansions could increase the sector’s scale, although many developments are still going through a gradual production ramp-up. The challenge will be to turn resources, approvals, and investment announcements into actual production. The RIGI helps organize part of investor expectations, but most of the reported amount is still under evaluation and will first have to become formal approvals and then translate into construction, employment, suppliers, and exports. The snapshot shows that mining is already one of the sectors with the greatest potential to generate foreign currency but also that its growth depends on a small number of large-scale projects and on the ability to accelerate the start-up of the existing project pipeline. “To consolidate this growth, it is essential to maintain competitive and predictable conditions. Macroeconomic stability, legal certainty, infrastructure, and the strengthening of local suppliers and talent are key factors in supporting an industry that plans and invests for the long term. The minerals are there, and so are the investments; the challenge is to accelerate their transformation into more production, more employment, and more development for Argentina,” Cacciola concluded. Originally published in Ámbito