Argentina has once again thrust itself into the regional mining discussion, following the release of an official report on its vast mineral potential. While an immediate risk to Chile’s historic dominance is not imminent, the door has been left open for concern that, with the right financing, permits, and economic stability, the country governed by Javier Milei may start to contest spaces to transform projects into production and gain ground in a playing field long dominated by its Andean neighbor.
The data comes from this month’s report titled «Mineral Resources and Reserves in Argentina» by the Ministry of Mining, led by Luis Lucero and under the Ministry of Economy. Lithium is the area where Argentina is gaining strength. According to the report, 197.9 million tons of lithium carbonate (LCE) are projected, with 18.6 million tons in reserves – figures that differ drastically from the U.S. Geological Survey (USGS) calculation, which assigns 57 million tons of resources to the lithium triangle (Bolivia, Argentina, and Chile) and just 4 million tons of reserves to the Argentine case, compared to Chile’s 9.6 million.
In contrast, copper presents a different landscape, as Argentina’s gap with Chile appears unattainable in the short term. The neighboring country has 116 million tons of resources and 17.1 million tons in reserves, compared to Chile’s 190 million tons of reserves, equivalent to 20% of the global total. The Argentine report details ten copper projects in the pipeline, but most are only in the early stages of pre-feasibility or evaluation, with exploration expected to start in the long term.
However, the one that shows promise, in the «feasibility» stage, is El Pachón, with 10.4 million tons, adjacent to the Chilean mine Pelambres, in the south of the province of San Juan. It is managed by the Swiss company Glencore. Altar, in the same province, is another with 9.9 million tons, under the management of Aldebaran Resources.
Filo del Sol («pre-feasibility») and Josemaría («construction») are the two simultaneous projects in northern San Juan, close to Caserones and under the power of the Canadian Lundin, with 1 million tons and 3.04 million tons, respectively.
In comparison, the gold case appears to be a more favorable landscape. With 138.4 million ounces of resources and 33.6 million in reserves, Argentina ranks among the 15 countries with the largest reserves in the world, while Chile does not appear on that list. Several gold projects are already in operation, which allows for the possibility of faster production increases if the projects under construction are completed.
The unexpected differential comes from uranium. As Chile does not have this mineral, Argentina enjoys resources of 36,483 tons. Although there is no active exploitation, the reopening of key deposits such as Don Otto (Salta, north) and Sierra Pintada (Mendoza, west) is projected. A resource that, in times of energy transition, can become a strategic asset.
The competition is just beginning, but it will depend more on stability and political decisions than on Argentina’s own wealth and geological diversity. Today, Argentine mining accounts for just 1.2% of GDP, well below neighboring countries, where it exceeds 10%. Even so, it is already the fifth largest export complex in the country and constitutes the engine of provincial economies such as Jujuy, Santa Cruz, San Juan, and Catamarca, where it represents close to 80% of exports.
Milei’s Incentive Accelerates Mining Investments in Argentina
The Regime of Incentives for Large Investments (RIGI), a key part of the Bases Law, was approved by Congress in 2024 and offers a special legal framework for projects over $200 million, in energy, mining, and industry.
The tool, which provides tax, customs, and foreign exchange benefits for 30 years, aims to become a magnet for capital in a country with a recent history of fragility in terms of attracting investments. Among the benefits, the scheme reduces the Income Tax from 35% to 25%, guarantees accelerated VAT refunds, and sets zero export duties for initiatives under this framework. Its objectives go beyond the arrival of fresh dollars: it aims to revitalize strategic sectors, increase competitiveness, generate employment, and boost exports of goods and services.
In May 2025, the government of Javier Milei announced the first mining project approved under the RIGI. It was the Río Tinto lithium venture in Salta, with an investment of more than $2.5 billion to produce lithium in the Salar del Rincón.
The list of initiatives with the green light also includes the El Quemado Solar Park in Mendoza and the Vaca Muerta Sur Oil Pipeline, for example. The province of Mendoza, another one in proximity to Chile, wants to gain mining prominence, always under the premise of social approval and respect for sustainability laws. Among its plans, the San Jorge project stands out, with a potential of 1.1 million tons of fine copper in the town of Las Heras, and 34 mining exploration projects in the Malargüe Western Mining District (MDMO), to the south.
The RIGI is combined with specific measures by Milei for the sector, such as the elimination of mining export taxes in 2025, which set a 0% rate for metallic and non-metallic goods, as well as application rocks, fuels, and precious stones.
