Investment in mineral exploration in Argentina it was US$ 370 million in 2022, its highest level since 2012, the Mining Secretariat reported Thursday, detailing that it prepared the figure based on data from Standard & Poor’s.
“The mining industry is in full development in our country”, said the Secretary of Mining, Fernanda Ávila, according to an official statement that reported that exploration budgets in Argentina grew 68% year-on-year last year, also based on data from S&P’s.
“We work together with (the Minister of Economy) Sergio Massa to generate the necessary conditions and give stability and certainty to the investments that arrive in ArgentinaAvila added.
In 2022, the gold received 45% of the assigned budgets, with US$173.6 million, while US$81.8 million were invested in copper exploration, 62% above the previous year.
With respect to lithiumUS$72.3 million were invested in 2022, which represents a year-on-year growth of 31%, added the official report.
Argentinathe fourth largest lithium producer in the world, has three plants in operation: two in the province of Jujuy in Salar de Olaroz, owned by the Sales de Jujuy company, and in Salar Cauchari-Olaroz, owned by the Exar company, and another in the province of Catamarca, in the Salar del Hombre Muerto, of the company Livent.
In the short term, five lithium projects, which are currently under construction, are expected to come into production in the provinces of Jujuy, Salta and Catamarca.
The third largest economy in Latin America has 161 mining projects, of which 21 are in production and have gold as their main metal and three silver.
“In this context, it is projected that by 2025 Argentine mining exports will reach 8,596 million, which translates into an increase of more than 100%.”, indicated the Secretariat. “Argentina could become a key player in bridging the gap between current production and future demand for critical minerals in the energy transition”, he added.
In March, mining employment reached 38,495 jobs, which represented a growth of 7.5% compared to the same month of 2021 and accumulates 27 consecutive months of positive year-on-year increases, according to the statement.
Mining in Argentina has been largely driven by private firms and the regular approval of new projects, as the government seeks to raise more dollars through the sector, which is growing despite the economic crisis.
Source: Reuters
Source: Gestion
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