In a day marked by intense deliberations in the Argentine Senate, the Bases Law has finally been approved, a legislative milestone that clears the path for the implementation of economic policies proposed by President Javier Milei. Earlier in the day, the national leader addressed the 11th Expo EFI in Buenos Aires, where business leaders and key officials discussed new horizons for the national economy. There, he staunchly defended his government's policies, calling for necessary reforms "to make Argentina grow" and conditioning the opening of currency controls on the cleanup of various economic aspects.
By Panorama Minero
The Bases Law, viewed as a cornerstone of the government's reform agenda, has been fervently championed by Milei, who likened it to the historic Menem-era state reform. Among the highlighted measures that could be implemented is the RIGI, an incentive regime aimed at large investments, promising significant impact on sectors such as mining, which heavily rely on international capital.
During the event in Buenos Aires, Milei vigorously defended his "successful" stabilization plan against critics who argue that the program is "inconsistent, lacks a plan, or that the worst is yet to come." He also hinted at the possibility of seeking reelection in 2025 to "restore Argentina as a powerhouse." Despite the Senate's later approval of the Bases Law with the decisive vote of Victoria Villarruel, the president emphasized, "In addition to this law, we have 3,000 more reforms to propose. If they are not approved now, we will propose them by December 2025."
Accompanied by his spokesperson, Manuel Adorni, Milei reviewed the inherited situation and the changes implemented during his first six months in office. In his address, he highlighted, "What we aimed to achieve in a year with financial surplus, we achieved in the first month. Some question a program that reduced inflation from 17,000% annually to 50% annually. Our inflation policy is a success. When we started, there was talk of hyperinflation; now we are issuing 30-year mortgages." He further emphasized, "I understand consultants are paid, but this is not magic. Zero deficit is non-negotiable. They will have to take me out of the Casa Rosada in a coffin to break the fiscal deficit."
Meanwhile, Economy Minister Luis Caputo supported the law's approval at Expo EFI, emphasizing the continuity of the economic course regardless of its outcome. "Nothing will stop us," he assured, aligning with Milei's vision of a necessary structural change to restore the country's credibility. Caputo highlighted achievements in reducing inflation and fiscal deficit during the early months of the administration, underscoring the economic team's determination to fulfill campaign promises.
While the Bases Law opens new prospects, its impact on key sectors like mining sparks debate. Some analysts and industry leaders warn of potential fluctuations in real benefits for the sector, while others see these changes as an opportunity to revitalize a strategic industry. Part of this discussion took place at one of Argentina's recent mining events, San Juan Mining Expo 2024, where tensions arose between the union sector led by Héctor Laplace of the Argentine Mining Workers' Association and other public and private stakeholders advocating for RIGI as a central tool to catalyze necessary investments in major projects linked to energy transition.
Thus, Wednesday became a pivotal day for Javier Milei's administration. The approval of the Bases Law represents a significant milestone in his tenure, enabling him to advance his economic agenda after six months in office. The future will reveal how these reforms will impact the national economy and specific sectors like mining, which will closely monitor future developments with both expectations and caution.
Magazine
Join our mining community!
Subscribe to our newsletter for exclusive news, insights, and updates on the mining industry and Panorama Minero's latest initiatives.
Copper: Diplomatic and Business Leaders Visit Los Azules Project
The ambitious mining project located in San Juan, key to Argentina’s future copper supply, welcomed representatives from the European Union and the automotive sector.
Latin Metals Strengthens its Presence in Argentina’s Metal Mining Sector
Vancouver-based mining company Latin Metals Inc. announced that it has fulfilled the necessary payment obligations to secure a 71% ownership stake in the Cerro Bayo and La Flora exploration projects, located in Argentina’s Santa Cruz Province. This acquisition strengthens its precious metals portfolio in a highly prospective area, amid a strong wave of investor interest in Argentina’s mining hubs. The company also retains an option to acquire 100% of the properties, subject to a 0.75% NSR (Net Smelter Return) royalty.
Copper: McEwen Highlights Argentina Presence and Investments in Los Azules in Quarterly Results
The Canadian company sees revenue growth and commits to copper development in the country.
Lithium: Exar Issues First Corporate Bonds to Finance Cauchari-Olaroz Project
Argentine lithium producer Exar, operating in the Cauchari-Olaroz salt flat in Jujuy, has announced its first-ever issuance of Corporate Bonds (Obligaciones Negociables, ON), marking a first for the sector in the country. The bond auction will take place on Thursday, September 7, and the funds raised will primarily be allocated to working capital and refinancing liabilities to support the company's ongoing operations.
AESA: Innovation and Development for the Mining and Energy Industries
Astra Evangelista (AESA), with 75 years of experience, positions itself as a key player in the development of the mining and energy sectors in Argentina, offering comprehensive solutions to the oil, energy, and mining industries. The company, which employs nearly 9,000 people across various Argentine provinces, including Tierra del Fuego, Santa Cruz, Chubut, Río Negro, Neuquén, La Pampa, Mendoza, and Buenos Aires, has strengthened its presence in strategic areas such as the province of Jujuy, where it has begun actively collaborating with the lithium industry, one of the country’s most dynamic and rapidly growing sectors.
Argentina: Galan Lithium Applies for RIGI and Shows Strength in Advancing Its Lithium Project in Catamarca
The Australian mining company Galan Lithium Limited has announced significant progress at its Hombre Muerto West (HMW) lithium brine project in Catamarca Province, as part of activities carried out during the third quarter of 2024. The company highlighted that it became the first mining company to apply for Argentina's Large-Scale Investment Incentive Regime (RIGI), which offers tax benefits to large-scale projects in strategic and productive sectors like mining. "This initiative, combined with construction progress and a recent capital raise, reinforces Galan’s commitment to developing its projects in Argentina," the company stated.
MARA Advances New Exploration Campaign at Agua Rica
MARA has launched an exploration campaign at Campo de Río Blanco, Andalgalá department, to deepen geotechnical, hydrological, environmental, and soil studies in the area surrounding the Agua Rica deposit.
Minsud Finalizes Chinchillones Infill Drilling and Expands Exploration with New Scouting Targets at Chita Valley
Minsud Resources Corp. announced the successful completion of its Phase IV infill drilling program at the Chinchillones prospect within the Chita Valley Project, located in San Juan Province. A total of 126 drill holes have been completed at this prospect since 2020. The results from the last ten (10) drill holes have helped to confirm the boundaries of the mineralized zone, refine the geological model, and enhance our understanding of the prospect.
Eramet Acquires 100% of Argentina’s Centenario Lithium Project
French company Eramet has completed the acquisition of Tsingshan Group’s 49.9% minority stake in Eramine Sudamérica, the subsidiary operating the Centenario project, a strategic resource in Argentina’s Lithium Triangle. The transaction, which impacts the Group’s net debt by US$699 million, grants Eramet full ownership of this key asset in its lithium expansion strategy.
McEwen Copper Secures Additional US$35 Million Investment From a Rio Tinto Company
Canadian company McEwen Copper, a subsidiary of McEwen Mining with operations in San Juan, has closed a new US$35 million investment made by Nuton LLC, a company led by Rio Tinto. "This investment is part of a previously announced financing offer, consisting of a private placement of up to 2,333,333 common shares at a subscription price of US$30 per share, for a total of up to US$70 million."
Posco Launches the First Commercial Lithium Hydroxide Plant in Argentina
Posco Argentina, a subsidiary of the South Korean mining company Posco, has taken a crucial step in developing the country's lithium sector with the inauguration of the first commercial lithium hydroxide plant. Located in the General Güemes Industrial Park in Salta Province, the plant has an annual production capacity of 25,000 tons and represents an investment of over US$800 million. "This facility positions Argentina as a key supplier in the global lithium-ion battery market, essential for high-end electric vehicles," provincial government officials stated.