Argentine Mining 2025

The Year Major Investments Returned

Argentine mining closed 2025 as a turning point for the sector. After a long period marked by delayed projects and a lack of predictability, the country repositioned itself on the radar of major international players, driven by the progress of large-scale copper and lithium projects, the inflow of multilateral financing, and the implementation of the Large-Scale Investment Incentive Regime (RIGI).

One of the most significant announcements of the year came from the World Bank, which, through the International Finance Corporation (IFC), confirmed financing of USD 2.4 billion for a mining project in Salta. The funding is aimed at strengthening the local mining ecosystem with a focus on sustainable development. The backing of a multilateral organization sent a clear signal of confidence in Argentine mining.

The Return of Mining Giants

Throughout 2025, global-scale companies such as BHP, Rio Tinto and Glencore accelerated their plans in the country. The most emblematic case was Vicuña Argentina, the joint venture between BHP and Lundin Mining, which applied to join the RIGI to develop a mega copper, gold and silver project in San Juan. The estimated investment, ranging between USD 12 billion and USD 17 billion, is considered by the sector to be the largest productive foreign direct investment in Argentina’s history.

At the same time, Glencore announced the restart of Alumbrera in Catamarca, with production expected to begin in 2028, and confirmed investments of more than USD 14 billion over the next decade across Alumbrera, MARA and El Pachón. The decision is supported by a new fiscal framework, rising international copper and gold prices, and growing global demand linked to the energy transition.

RIGI at the Core of the New Landscape

The Large-Scale Investment Incentive Regime has become the central tool for attracting capital. In 2025, three projects totaling USD 6 billion were approved, while another 11 initiatives under review represent USD 16 billion, with the potential to exceed USD 30 billion in committed investments.

Given the tight timelines inherent to mining projects, the national government is considering extending the validity of the RIGI by one year, a decision that would be defined by presidential decree. Mining officials have highlighted the regime’s positive impact and its international resonance.

Environmental Debates and Political Decisions

The sector’s growth also reignited political and social debates, particularly in provinces such as Mendoza, where large copper projects were discussed amid sensitive issues such as water use and environmental protection. In this context, the government moved forward with a review of the Glaciers Law, aiming to adapt the regulation to new projects under a federal approach based on scientific criteria.

Lithium, Copper and a New Productive Matrix

While three new lithium projects entered production in 2025, copper emerged as the main protagonist in the medium and long term. With global demand rising due to electrification, renewable energy and electric vehicles, Argentina is emerging as a new player in a market seeking additional suppliers as mature deposits are depleted elsewhere.

From the Argentine Chamber of Mining Entrepreneurs (CAEM), its president Roberto Cacciola described the year as “positive,” highlighting the elimination of export duties on several minerals and the announcement of new investments, even amid challenging international price conditions for lithium.

A New Cycle Underway

With mega projects moving toward final decisions, clearer rules of the game and renewed international interest, Argentine mining closed 2025 with concrete signs of reactivation. The challenge ahead will be to transform this new investment cycle into productive development, employment, infrastructure and sustained foreign currency generation for the country.