Argentina positions itself as critical minerals investment hub

The Argentine government is poised to become a prime destination for critical minerals investments as officials implement economic reforms and new legal frameworks to attract and support mining projects, Argentina's mining secretary said June 11.

"Argentina possesses one of the most significant portfolios of critical mineral resources in the world," Luis Lucero, secretary of mining in Argentina, said in remarks at a critical minerals event hosted by the US Chamber of Commerce.

The country is home to 85.5 million metric tons of lithium reserves and resources, as well as 124.3 million mt of copper reserves and resources, according to S&P Global Market Intelligence.

"Resources alone do not attract investments," said Lucero. "Investments require trust in institutions, confidence in regulations, confidence in political leadership and confidence that a project started today will be viable 10, 20 or 30 years from now."

"I believe Argentina is now offering that confidence in a way that it had not for many years," he added.

Lucero attributed the renewed confidence to Argentine President Javier Milei's administration's focus on fiscal discipline, macroeconomic stabilization, deregulation and greater openness to investments, as the reforms have helped create a more competitive environment for long-term projects.

The mining secretary also highlighted Argentina's new competitive investment framework, approved by the National Congress in 2024, and the broad agreement between the national government and mining provinces regarding the key role mining plays in the economy.

Argentina and the US are the closest the two countries have been with regard to strategic vision, according to Lucero.

"Our governments share a strong commitment to economic freedom, democratic institutions, private investment and the rule of law," he said. "The alignment creates a unique opportunity to deepen cooperation and generate long-term confidence for investors."

Rapidly expanding sector

In February, the two governments signed a framework agreement to secure the supply of critical minerals, under which both countries will support the advancement of mining and processing projects.

The framework also underscores Argentina's relationship with the US, Lucero said, noting Milei's frequent visits to the US.

While the country seeks to attract more investments, Argentina's mining sector is already rapidly expanding.

So far, 10 mining projects have been approved under the country's new competitive investment framework, representing almost $11 billion in investments, while another 10 projects are under review. The combined projects account for nearly $51 billion in potential investment, according to Lucero.

Additionally, Argentina has eight significant copper projects at advanced stages of development, positioning the country to become a major global copper producer, Lucero added.

The country also has seven lithium operations in production and nine other projects at advanced stages of development as of June.

Argentina's mining exports are projected to grow more than five times in 10 years, from $6 billion in 2025 to $41 billion in 2035, according to Lucero.

Platts, part of S&P Global Energy, assessed the Lithium Triangle price at $20,800/mt FOB on June 11, up from $8,400/mt FOB from a year ago. The LiT assessment covers both industrial-grade and battery-grade lithium carbonate, with a minimum purity of 99.0%.

"Argentina has the resources. It continues to build the conditions. The next chapter will be written by those willing to invest, develop and grow alongside us," Lucero said.