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Argentina Predicts Lithium and Copper Will Boost Metal Exports to $10 bn

2024-08-29

Argentina's mining exports are projected to more than double to approximately $10 billion by 2027, up from around $4 billion this year, according to Mining Secretary Luis Lucero's statements to Reuters. This growth is attributed to the influx of lithium projects coming online and an emerging focus on copper.

In his initial remarks to international media since assuming office in April, Lucero indicated that lithium, a key component for electric batteries, would significantly drive the mining export surge, with several projects expected to commence production later this year.

The South American country is aggressively positioning itself as a major supplier of lithium and copper, which are crucial for the global transition to renewable energy sources for electric vehicles and artificial intelligence.

Efforts to revive copper production and attract major mining companies like BHP, Glencore, Lundin Mining, and First Quantum are expected to further boost exports as a promising pipeline of projects becomes operational in the coming years.

Lucero noted in written responses to Reuters that Argentina has a significant opportunity to become a key player in the international trade of lithium and copper. The secretariat did not accommodate requests for a spoken interview.

Under libertarian President Javier Milei, Argentina's government is pursuing a robust pro-business strategy in mining, aiming to revitalise the economy following years of debt, currency, and inflation issues.

Currently the world’s fourth-largest producer of lithium, Argentina aims to surpass larger producers such as Chile and China. Lucero projected that Argentina could achieve an annual capacity of 200,000 tonne of lithium carbonate equivalent (LCE) by the end of next year or early 2026, exceeding some earlier government estimates.