Argentina's mining sector posts record 9.2% growth in May

The National Institute of Statistics and Censuses (INDEC) reported that Argentina's industrial mining index (IPI Minero) rose 9.2% year‑on‑year in May 2026 and 0.4% compared with April, accumulating a 7.8% increase for the January‑May period. The surge was led by hydrocarbon extraction, with crude oil output climbing 19.2% YoY; non‑conventional production, especially from Vaca Muerta, jumped 38.5% while conventional output fell. Lithium‑related chemicals grew 54.2% YoY and carbon‑carbonate lithium production reached 11,562 tonnes, a 45.1% rise over May 2025. Salt extraction posted the strongest gain, up 128.9% YoY and 98.4% for the first five months. Other mineral groups also improved, notably non‑ferrous metals (+41.9%) and chemical minerals (+54.2%). Some activities contracted, notably support services for oil and gas (‑21.4%) and ornamental rock extraction (‑19.7%). Economy Minister Luis Caputo highlighted the performance, calling it “a new historic record” for the mining sector. The data underscore the sector’s pivotal role in Argentina’s export‑driven growth and its increasing relevance to the country’s energy transition.