Official from RPT-Argentina says that lithium and copper will drive metal exports up to $10 billion by 2027
Luis Lucero, Argentina's Mining Secretary, said that the country's mining exports would more than double in 2027 to $10 billion from $4 billion. This is due to a slew of new lithium projects and a nascent push for copper.
Lucero, in his first remarks to the international media after taking office in April this year, said that lithium for electric batteries would be the main driver of the mining boom. A number of projects are set to enter production by the end of the year.
The South American nation makes an aggressive push to establish itself as a major supplier of copper and lithium, which are both essential for the global drive towards renewable energy that will power electric cars and artificial intelligence.
A renewed effort to restart the copper production, which will attract majors like BHP, Glencore and Lundin Mining as well as First Quantum, will boost exports in the coming years when promising projects come online.
Lucero wrote in written replies to. The secretariat refused requests for an interview.
The libertarian president Javier Milei of Argentina is pushing for a pro-business approach to mining in order to bring the economy out from recession following years of currency, debt and inflation crises.
It is currently the No.4 producer of lithium in the world. The country is aiming to surpass the larger producers Chile and China.
Lucero stated that Argentina could reach a capacity of 200,000 tonnes of lithium carbonate (LCE) equivalent per year by the end of this year or in early 2026. This is up from a little under 140,000 tones at present. This would be better than some government predictions.
"This would bring us closer to third position among lithium producing nations," Lucero added, adding Argentina could reach 250,000 tons in coming years. With these production levels lithium would be the main mineral export of Argentina.
Milei's government is gaining support from the markets and businesses with its incentive measures to encourage big investments.
Lucero stated that the new measures known as "RIGI" in Spanish include tax breaks and improved access to foreign currencies for large projects. He said that this would bring in "a new influx of investment".
He said that to start up, key lithium projects would require capital expenditure of over $8 billion. The main copper projects will need around $20 billion. He said that improving the energy infrastructure and road accessibility were "major challenges".
The secretary of mining added that government is looking to extend useful life for mature but declining silver, gold, and copper mines. There are also "smaller investment in exploration and development." (Reporting and editing by Lucila SIGAL; Adam Jourdan, Nicolas Misculin and David Gregorio).
(source: Reuters)
