At a time when dollar shortages predominate and prospects are set to worsen due to drought in the countryside, the Economy Ministry is betting on the currencies that the mining sector will add.
It is expected that, with the launch of two new lithium projects, added to the sector’s export earnings, this year about $6 billion comes in for this activity alone.
The number is the result of the input $2 billion in new investmentand an increase in exports that will reach 4 billion dollars.
According to information released by the portfolio directed by Sergio Massa Argentine mining exports hit their highest level in a decade in 2022 and totaled more than $3.8 billion, in an industry that has had investment announcements of more than $11.318 billion in the past two years.
This amount is broken down as follows: US$4,853 million for copper assets, US$5,141 million for lithium; $1,293 million in gold; and $30 million of silver, with the remainder split between potash and other minerals.
The provinces that led the investment ranking were Saint John (US$5,428 million) for copper and gold production; jump (US$3,158 million) of lithium, copper and gold; AND Catamarca (US$2,311 million) with copper and gold. In fourth place there was Jujuy ($420 million), followed by Buenos Aires ($250 million) and Mendoza ($1 million).
They are expected to be launched this year. two lithium projects and the respective extensions of the two projects currently in progress were completed (Livent in Catamarca and Sales de Jujuy in Jujuy).
In terms of exports, in February this year, Argentina set a new all-time record in lithium exports for this month, reaching 58 million US dollars, which implied a year-on-year growth of its foreign sales. ‘85%.
This growth, combined with that of January, meant that mineral exports were added in the first two months of the year US$ 140 million, with a change of 166% compared to the same period of the previous year. As for the quantities exported, in the cumulative so far this year they have shown an increase of 31%.
In any case, although lithium is the fastest growing, due to global demand for the electronics and automotive industries, gold and silver exports are the largest for the country.
As for lithium, present in large quantities in NOA’s so-called “Lithium Triangle”, overseas sales amounted to US$ 696 million, with a 234% year-on-year growth (in 2021 lithium exports state of US$ 208 million) and accounted for 18% of total mining exports.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.