Following his participation in PDAC, the President of the Argentine Chamber of Mining Companies (CAEM) shared insights on the state of the mining industry and the evolving scenario of openness and interest in Argentina: "This is a crucial moment to build credibility and sustain the trust of those considering investing."
By Panorama Minero
Argentina is undergoing a paradigm shift in its economic policy, with a strong inclination toward private investment and openness to markets such as mining. From CAEM's perspective, what concrete signals has the country given, and what is still lacking—beyond policies like RIGI—for mining to achieve greater dynamism?
The first major shift needed is to consolidate trust. Argentina has endured 20 years of being perceived as an unreliable country, and while the RIGI is a tool, it is not in itself a process that defines Argentina in line with global expectations. Beyond seeking economic frameworks common in other countries, the core paradigm of economic policy should focus on building a consolidated process of trust, which seems to have begun. This is reflected in the measures the current government implemented prior to the elections and has generally upheld since then.
I believe there is still time to capitalize on the opportunity. Argentina has made progress in key areas where other countries have not. A prime example is lithium. It is significant that, even though some projects have not yet reached full production, three new lithium projects have been inaugurated in Argentina between 2024 and 2025. This is not happening elsewhere in the world, so we still have time to leverage this progress if we act with intelligence, determination, and conviction to build credibility.
The investment sector is closely monitoring changes in Argentina, but concerns about political and regulatory stability persist. In your conversations with foreign investors, what are the main obstacles they identify, and what assurances is the country offering to attract long-term capital?
Argentina and its president are currently in the global spotlight. This is significant, but Argentina is undergoing a process that still needs consolidation. The country is emerging from decades of non-compliance and a lax fiscal policy that promoted the unsustainable idea of spending beyond one's means. We must now consolidate this process by ensuring political stability and adherence to the law. This is fundamental: the country can only build credibility by delivering on its commitments.
To attract long-term capital, it is essential to implement measures and develop tools, such as those introduced last year through the RIGI. However, it is now necessary to ensure follow-up and continuity so that potential investors view Argentina as an eligible destination. This is clearly a gradual process that will not yield immediate results, but it is a path we must take—otherwise, progress will never begin.
The RIGI (Investment Promotion Regime for Large Projects) seeks to optimize the framework for strategic sectors like mining. From the private sector's perspective, is this enough?
Talking about changing the framework for strategic sectors is a broad concept. What RIGI aims to do is create clear incentives for sectors with significant potential for investment, which have historically been overlooked due to Argentina's lack of conducive conditions. It seeks to place Argentina on an equal footing with countries that have long maintained consistent macroeconomic policies. In these countries, specific regulations are often unnecessary because they already adhere to principles like spending within means and prioritizing private investment over state involvement, except in the case of essential services.
Rather than focusing on adjustments, the priority should be to offer investors the flexibility to discuss every aspect of RIGI's scope. The goal is to include as many projects as possible within the sectors the government has identified as fundamental for Argentina’s near-term economic development.
Latin America continues to be one of the regions with the largest mineral resources, but it also faces major challenges in terms of competitiveness. How is Argentina positioned within the region? Is there room for greater cooperation, or are we facing fierce competition for capital?
We must consider that we are in constant competition with neighboring countries—not only with Chile and Peru but also increasingly with Brazil, especially regarding gold and silver deposits. The competition spans various aspects, including environmental liabilities. Argentina has a significant advantage here, as its mining industry is relatively young and was developed with strong environmental safeguards. As a result, Argentina does not carry substantial environmental liabilities.
However, the country's macroeconomic conditions remain a major challenge. Unlike Chile, Peru, and Brazil, which have maintained stable economies for years, Argentina is still undergoing a process of economic stabilization.
When it comes to permitting processes, Argentina generally does not face major obstacles, which gives it a competitive edge in this regard. However, each case must be analyzed carefully, paying attention to every detail. Several factors need to be considered so that, when foreign investors assess their options, Argentina stands out as a viable destination.
Large-scale mining often takes center stage, but there is a smaller-scale mining ecosystem with significant local impact. How does CAEM assess the future of smaller-scale mining and industrial branches?
The industrial branches of mining are going through a complex period, marked by a sharp decline in demand due to the National Government’s decision to withdraw from public infrastructure projects. In this context, it is essential to develop mechanisms that can drive the necessary infrastructure works to reactivate these sectors, such as aggregates and other non-metallic minerals, which are currently facing a significant crisis.
However, given that some policy decisions—like the State's non-participation in public works—are unlikely to change, the private sector must intensify efforts to find alternatives. Collaboration with provincial governments will be key in advancing mining projects. It is crucial to accelerate bidding processes, define financing mechanisms for infrastructure works, and establish clear recovery methods in cases where mining projects must contribute funds. These conditions must be well-defined and guaranteed to provide the predictability that investments require.
In a scenario where access to critical minerals has become a matter of state, what role can Argentina play in the global supply of copper, lithium, and other strategic metals?
Argentina is already firmly positioned in the lithium market. Although the decline in prices has caused some delays and uncertainty, the sector's development remains solid and is progressing faster than in other countries. Lithium in Argentina is a consolidated reality.
The major pending challenge is copper. Several projects are ready to move forward, but patience is required, as significant decisions still need to be made. Many of these projects will likely qualify for the Investment Promotion Regime for Large Projects (RIGI), but this requires a process of decision-making, planning, and, most importantly, consolidating investor confidence. We cannot overlook the fact that, during periods when growth was expected, there were setbacks. Foreign investors need certainty and guarantees that the process will move forward in a continuous and sustained manner. Building that trust is key to attracting and maintaining strategic investments.
The world is undergoing a transformation marked by political shifts, pressure for critical minerals, and an accelerated energy transition. How should Argentina strategically position itself in this scenario?
The current geopolitical reconfiguration goes beyond the demand for critical minerals and the energy transition. The world is in the midst of a transformation and, in general terms, is becoming more closed rather than open. Recent decisions by the new U.S. administration suggest a trend towards greater protectionism, although the full extent of this shift is still unclear. In this context, Argentina must be cautious in how it defends and positions itself—whether regarding import conditions, regulatory controls, or ensuring that investments generate a genuine ripple effect that benefits Argentinians.
While there are still no definitive outcomes, it is clear that the global landscape is changing, leading to an economic reconfiguration. Failing to recognize this reality could result in strategic missteps. Therefore, it is essential to act wisely, proceed with caution, and be prepared to defend the country's position. Argentina must strive to remain competitive through every possible means, while also carefully evaluating how it positions itself in a world moving in a direction that differs from the trends of the past two decades.
One of the major challenges in mining is its reputation. How has public perception of mining in Argentina changed in recent years? What strategies are truly effective in connecting better with society?
Public perception has evolved, and there is now greater awareness—both in Argentina and globally—of the critical role minerals, particularly copper and lithium, play in the energy transition and transformation.
However, it is not enough to simply acknowledge this. Clear responses are needed in terms of growth and investment, recognizing that while these processes take time, that timeline cannot be excessive. Generating employment, providing training, and offering competitive salaries will be key to solidifying this shift in mining's reputation, linked to the recognition of its strategic importance.
It is crucial to seize this opportunity within the available timeframe, which is not indefinite. The challenge lies in advancing projects as quickly as possible while ensuring a ripple effect that prioritizes, first, local communities, then provinces, and finally the nation. If this approach is maintained as a fundamental principle, mining development can progress in a stronger and more sustainable way.
What objectives has CAEM set for PDAC 2025, and what is the institution's work plan for the current year?
CAEM's objectives focus on essential issues that have been emphasized over time and reaffirmed during the past year of management. CAEM's presence is aimed at supporting, bridging positions, and serving the key stakeholders in the mining sector.
Although the organization is primarily composed of mining partners, it also integrates a broad network of suppliers, reinforcing its commitment to the industry's development in a context of transparency, sincerity, and balance.
In this regard, CAEM will continue to promote a strong federal agenda, as it did in 2024, working closely with provinces and their authorities, who have requested active engagement to address pending issues and promote key initiatives.
Additionally, within the organization, the challenge is to encourage growth across all sectors of the mining industry, considering the particularities of each case—whether gold, silver, lithium, copper, or industrial minerals. The core role will be to listen, propose, manage, and remain attentive to the sector's needs, promoting changes when necessary.
