The Argentine mining sector reported exports totaling US$383 million in May 2024, registering a 21.5% year-on-year increase. San Juan regained its position and established itself as the leading exporting province, followed by Santa Cruz, with gold being the leading segment of Argentine mining in generating foreign currency.
By Panorama Minero
In May, five provinces concentrated 98.7% of mining exports: San Juan, Santa Cruz, Jujuy, Catamarca, and Salta. These same provinces accounted for 98.3% of cumulative exports between January and May 2024, representing 77.4% of the total exports from these provinces in May and 73.3% in the annual cumulative.
Performance by Province
San Juan:
San Juan led mining exports with US$206 million in May, marking a 145.3% increase compared to the previous year. Cumulatively, the province's mining exports reached US$503 million, a 35.9% year-on-year increase. Gold dominated the export basket with a 99.2% share.
Santa Cruz:
Santa Cruz's mining exports totaled US$103 million in May, showing a 21.5% year-on-year decrease. In the first five months of the year, the province exported minerals worth US$613 million, a 4.6% decline compared to the same period the previous year, although it remains a leading region in the annual analysis, followed by San Juan and Jujuy. In Santa Cruz, gold and silver accounted for 80.2% and 19.6% of May's mining exports, respectively.
Northwest Argentina (NOA):
The provinces of Catamarca, Jujuy, and Salta exported minerals worth US$69 million in May, a 24.2% year-on-year decrease primarily due to lower lithium prices. Cumulatively, NOA's mining exports totaled US$434 million, a 26.5% decrease compared to the previous year. Lithium and metallic minerals represented 93% of the mining exports, with lithium accounting for 42.8% and gold and silver for 44.9% (25.3% and 19.6%, respectively).
Based on these figures, the Argentine mining sector shows significant growth in May 2024, despite a slight contraction in the annual cumulative. San Juan stands out for its export increase, while the NOA provinces face challenges due to fluctuating mineral prices, especially lithium. The concentration of exports in a few provinces highlights the regional importance of mining in Argentina and its impact on the national economy.
