According to data presented by the Group of Exploration Companies of Argentina (GEMERA) at the "Argentina Gold, Silver and Copper" seminar, organized last week by Panorama Minero, foreign investment in mining exploration reached US$493.4 million in 2024, representing a 15.7% increase compared to the previous year. This progress positions Argentina as the sixth global destination for mining investments, surpassing countries such as Peru and Brazil.
By Panorama Minero
San Juan stood out as the province with the highest investments, concentrating US$268.6 million, which represents a 66.5% increase compared to 2023. This growth is mainly linked to copper mining projects, which accounted for 54.4% of the total investment in the country. However, provinces such as Catamarca, Salta, and Jujuy saw a decline in lithium exploration investments due to falling prices of this mineral.
GEMERA President Michael Meding highlighted the positive impact of foreign investment on job creation, noting that mining in Argentina generated 3,823 direct jobs and 5,773 indirect jobs in 2024. Additionally, the mining industry contributed US$91.2 million in wages, goods, and services to local economies.
Although budgets for the exploration of minerals such as gold and lithium decreased, copper showed a significant 93.6% increase in investments. Despite these variations, the total investment in mining exploration in 2024 is among the highest levels since 2000, only surpassed by the record set in 2012.
During the presentation, GEMERA emphasized the importance of addressing certain challenges to foster sector development. Among the issues raised, the need to create a system similar to the RIGI, reduce permit processing times, assess environmental impact evaluations faster, and review VAT retention applied to mining suppliers was highlighted. Additionally, the urgency of improving infrastructure, updating the mining registry, and designing specific financing schemes for local industry suppliers was stressed.
"With these measures, Argentina could solidify its appeal as a strategic destination for international mining investments, leveraging its resource wealth and contributing to the sustainable development of regional economies," the organization concluded.
