Argentina is increasing investments in its copper industry, aiming to compete with major producers like Chile and Peru amid historically high prices and rising demand.
In a bid to capitalize on the booming copper market, Argentina has attracted over US$10 billion in investments for its mining sector over the past three years. The country aims to become a significant player in the copper industry, aspiring to match the production levels of Chile and Peru, the current leaders in global copper production. With the resurgence of copper prices and escalating demand, key projects are being revitalized, producing economic prospects that could overshadow the country’s agricultural complex.
In a remarkable development, the Argentine copper mining industry has announced three major initiatives in just three months. Mendoza province has lifted a 25-year ban on mining activities, signaling a renewed commitment to exploiting its mineral resources. Additionally, the Swiss company Glencore has confirmed the relaunch of the Bajo de la Alumbrera mine, which ceased operations in 2018, marking a significant milestone in the country’s copper production. Finally, a major investment of US$7 billion has been earmarked for the Vicuña project in San Juan, poised to become Argentina's largest copper development.
On the political front, President Javier Milei has engaged with industry leaders, including Ron Hochstein, CEO of Vicuña Corp., to discuss the prospects of these investments. The revitalization of the copper sector is expected to bolster Argentina's economy, creating job opportunities, attracting foreign investment, and generating export revenues that could potentially rival those of the agricultural sector, reinforcing the country’s economic diversification strategy.
