In April 2024, mineral exports reached a value of $267 million, accumulating a total of $1.134 billion in the first four months of the year. This represents a year-on-year decrease of 9.9% for April and a 13.9% drop for the year-to-date. Additionally, according to estimates from the National Secretariat of Mining, the accumulated total for 2024 is 6.2% below the average recorded between 2010 and 2023 for the same months.
The tenth edition of the international exhibition "San Juan Mining Expo" organized by Panorama Minero since 2006, was the site of a historic meeting in the mining industry.
Next Tuesday, May 21, Wednesday, May 22, and Thursday, May 23, Argentine mining will gather at the San Juan Mining Expo 2024, the most important sector event of the year, where strong decisions about the future of the activity are expected. Six governors, the Secretary of Mining of the Nation, and the main mining and supply companies will be present at the event, with the participation of key actors from both the local and international levels. The exhibition comes at a crucial moment for the industry amidst discussions about the RIGI and the need to energize major projects.
According to the annual report from Canada's Fraser Institute, Salta has managed to position itself as the leading province nationwide in two fundamental aspects for the mining industry.
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Eramet announced that it is ready to mark a milestone in the Argentine industrial landscape with the upcoming inauguration of its production plant in the province of Salta.
In a context marked by the discussion on the "Large Investments Incentive Scheme" (RIGI) and the Base Law, the Argentine Chamber of Mining Companies (CAEM) and the Argentine Chamber of Mining Suppliers (CAPMIN) have issued a series of statements highlighting the importance of this measure for the development of the mining sector and the national economy.
McEwen Copper, the company developing the Los Azules copper project, announced that it has reached the milestone of US$230 million in investment over the nearly three years it has been exploring the mega-project located in San Juan, Argentina.
Arcadium Lithium, the multinational lithium company, announced its financial results for the first quarter of 2024, highlighting solid profitability driven by average prices for lithium hydroxide and carbonate above US$20,000 per metric ton. The company anticipates cost synergies and savings between US$60 and 80 million for the year and continues to advance towards a capacity of 170,000 LCE by 2026.
AbraSilver Resource Corp, a Toronto-based mining company, announced the start of a 20,000-meter drilling campaign at its Diablillos project in the province of Salta. The diamond drilling program will focus on expanding and delineating high-grade silver and gold mineralization within the company's flagship project. AbraSilver's goal is to identify new mineralized zones and explore under-explored areas, thereby driving the project's growth.
From May 21st to 23rd, San Juan will be the epicenter of mining in Argentina with the "10th San Juan International Mining Expo" organized by Panorama Minero at the Cepas Sanjuaninas venue. This biennial event, founded in 2006, will bring together key industry players at a crucial moment for the country's politics and economy, just days before the “May Pact" meeting announced by President Javier Milei.
The Argentine provinces of Santa Cruz, San Juan, and Jujuy topped mining exports during the first quarter of 2024, despite a decline in overall sector sales compared to the same period last year. In March, mining exports reached US$320 million, down 5.9% from March 2023. In the first three months of 2024, the total exports amounted to US$861 million, marking a 15.8% decrease compared to the first quarter of 2023.
Genneia, the country's leading renewable energy company, is partnering with Aldebaran Resources Inc., a mineral exploration company, to offset its carbon emissions generated in Argentina through the issuance of 848 Verified Carbon Units (VCUs).
In a display that combined solidarity and high-altitude logistics, 16 miners were successfully rescued from extreme conditions in the Andes Mountains. This rescue was possible thanks to the coordination between the Ministry of Mining of San Juan, the Veladero mine, and the Lama project, who swiftly mobilized their emergency response teams to tackle the crisis.
Following the announcement made by the Australian giant BHP regarding an offer to acquire a portion of Anglo American's global business, the British company's Board of Directors provided an update stating that “the unsolicited, non-binding, and highly conditional offer was unanimously rejected by the company.”
AbraSilver announced that it has entered into agreements for a private placement with two strategic investors totaling C$20 million. These shares will be purchased by Kinross Gold Corporation and an affiliate of Central Puerto, an Argentine power generation company, each share at a price of C$0.40.
On May 21, 22, and 23, at the Cepas Sanjuaninas venue in the province of San Juan, the mining industry will showcase its latest innovations and productive advancements within the framework of the "10th International Exhibition: San Juan Mining Expo". Organized since 2006 by the specialized media outlet Panorama Minero, the event expects to gather more than 15,000 attendees and will have the participation of over 15 countries and 300 companies linked to the sector.
The Emirati company called UMPC (United Mining Projects Corporation) confirmed its entry into Argentina with a US$550 million investment to launch the Río Grande Sur lithium project, located in the northwest of the province of Catamarca. The announcement was confirmed by the company in April and is the result of various trade and business missions that the local government has conducted with representatives from the Gulf nation over the last four years. UMPC is a company focused on lithium and other critical minerals and is entering Argentina through its local subsidiary, Marhen Lithium. The founder and CEO of UMPC, Bradley Pielsticker, said that he expects Río Grande Sur to be "one of the most advanced projects in national lithium production."
Barrick Gold Corporation announced preliminary production for the first quarter of 940 thousand ounces of gold and 40 thousand tons of copper, along with preliminary sales of 910 thousand ounces of gold and 39 thousand tons of copper for all its operating mines. The company expects gold and copper production to increase progressively each quarter throughout the year, with the expansion of the Pueblo Viejo plant in the Dominican Republic increasing from the second quarter and the reactivation of the Porgera mine in Papua New Guinea continuing as planned. "We remain on track to achieve our annual projections for gold and copper.”
Lithium Argentina (LAAC), formerly Lithium Americas Corp, announced the results for the fourth quarter and full year of 2023, as well as its outlook for 2024.
The exploration junior NOA Lithium Brines reported positive results from the brine sampling of hole RG23-005, the fifth of the phase 1 diamond drilling program executed at the Río Grande project, in Argentina. The hole, located in the Juana Azul concession within the salar, reached a depth of 602 meters and intersected a lithium brine aquifer of significant thickness, starting from a depth of only one meter.
Last Wednesday, a public hearing was held in Barreal, Calingasta, convened by the Secretariat of Environment and Sustainable Development of San Juan, regarding a bridge to be built by Glencore Pachón in the La Junta area, over the Los Patos River.