Based on a recent report from the national mining department, the ratio between imports and exports of mining projects saw a significant increase in April 2024 compared to the same period the previous year. While in April 2023 this ratio stood at 22.8%, in April 2024 it rose to 31.9%. This increase is also reflected in the annual cumulative figures, where the ratio reached 35.7% in 2024, in contrast to 18.2% recorded in the same period of 2023. These data suggest that for every one hundred dollars exported, mining projects imported approximately thirty-six dollars in 2024.
By Panorama Minero
When analyzing the different types of minerals, a notable difference in ratios is observed. Metalliferous projects, which include zinc, copper, gold, silver, and uranium, exhibited a ratio of 13.8% in April and 12.9% in the cumulative total for the first four months of 2024. In contrast, lithium projects, which include those in production and expansion as well as those in construction and earlier stages, showed much higher ratios, with 111.7% in April and 137.6% in the cumulative total for the first four months.
The disparity between these ratios is attributed to the diversity of lithium projects. In April 2024, projects in production were undergoing expansions, while five projects were in the construction phase, leading to a higher demand for imports.
Exports
In April 2024, mining projects in production recorded exports totaling US$252 million, coming from fifteen operational projects. This amount represents a 10.3% decrease compared to the same month the previous year and constitutes 94.3% of the total mining exports for the month.
Gold, lithium, and silver were the predominant products, accounting for 98.5% of these projects' exports. Gold led with 66.9% of the total, equivalent to US$169 million, followed by lithium with 18.3% (US$46 million) and silver with 13.3% (US$34 million).
Imports
In April 2024, imports totaled US$80 million, made by 21 mining projects. This value represented a 25.1% increase compared to April 2023.
Foreign purchases were dominated by six projects in the construction phase, which accounted for 70.8% of total imports (US$56.9 million). These projects include one copper and five lithium projects. Meanwhile, twelve production projects contributed 23.1% of the total imported (US$18.5 million), distributed among two lithium, seven gold, and three silver projects. The remaining US$4.9 million (6.1%) corresponded to three projects in feasibility and advanced exploration stages.
Breaking down imports by type of mineral, lithium represented 64.7% (US$51.9 million) of the total, followed by copper with 19.5% (US$15.7 million), gold with 13.4% (US$10.7 million), and finally silver and uranium with a combined 2.5% (US$2 million).
Regarding the purpose of imports, 47.6% went to capital goods, 38.2% to intermediate goods, 11.5% to parts and accessories for capital goods, and the remaining 2.6% to fuels and consumer goods.
This analysis shows a varied dynamic in the different segments that make up the mining sector, where imports and exports reflect both the diversity of ongoing projects and the different stages of development and production they are in.
