Argentina mining sector growth expands to copper

In early 2026 Argentina’s industrial mining index posted a record 9.2% year‑on‑year rise in May, driven by a 19.2% jump in crude‑oil output and a 38.5% increase in non‑conventional production from Vaca Muerta. Lithium‑carbonate production grew 45.1% and related chemicals 54.2%, while non‑ferrous metals and salt also posted strong gains. By July, battery‑grade lithium carbonate prices rose to US$24,000 per tonne, underpinning a projected 48% YoY increase in lithium output to about 172,000 t LCE for 2026 and supporting eight projects in Salta, Jujuy and Catamarca.

Later in July, analysts highlighted copper as the next major export engine. Large‑scale projects such as Josemaría (operated by Lundin Mining) and Los Azules (developed by McEwen Mining) are moving toward commercial production, widening Argentina’s export basket alongside robust gold earnings from mines like Veladero, where gold prices above US$3,100 per ounce have boosted revenues. Lithium shipments remain steady, complementing the sector’s broader diversification.

At the end of July, French miner Eramet announced a US$350 million investment to expand its lithium plant at the Centenario Ratones project in Salta, increasing technical and logistical capacity for battery‑grade lithium carbonate. Simultaneously, Posco Argentina secured US$208 million for the Sal de Oro II project in the Salar del Hombre Muerto, targeting annual production of about 23,000 tonnes of lithium carbonate and committing a significant share of spending and procurement to Argentine suppliers. The combined $558 million funding reinforces Argentina’s role in the global electric‑vehicle supply chain and is expected to generate direct and indirect employment.

Together, record mining performance, strong lithium margins, and the emerging copper boom underline the expanding importance of Argentina’s mining industry to the country’s export‑driven growth and its transition toward energy‑intensive industries.