Argentine mining exported US$1.5 billion in the first five months of the year

Argentine mining exported US$1.5 billion in the first five months of the year
Argentine mining exported US$1.5 billion in the first five months of the year
Share:
In May 2024, mineral exports totaled US$383 million, accumulating a total of US$1.577 billion in the first five months of the year. These figures represent 5.5% of Argentina's total exports in May and 5.1% for the year-to-date. Reported by the National Mining Secretariat, this performance reflects a 21.5% year-on-year increase in May, despite a 3.5% decrease in the year-to-date total. Compared to the 2010-2023 average, the 2024 year-to-date total is 5.9% higher.

By Panorama Minero

Of the US$383 million exported in May, US$344 million were from metallic minerals, marking a 42.6% year-on-year increase in this category. Metallic minerals accounted for 89.8% of the month's total mining exports, with gold leading at US$305 million (80% of the total) and silver at US$34 million (9% of the total). The remaining US$6 million (1.5%) were attributed to other metallic minerals, mainly lead.

The export value of gold in May showed a 73.4% year-on-year increase, equivalent to US$129 million more than in 2023, driven by a 2,149% increase in exported volumes. In contrast, silver exports fell by 38.2% year-on-year, with a decrease of US$21 million, primarily due to lower export prices.

In the cumulative total for the first five months of 2024, metallic mineral exports reached US$1.294 billion, a 7.4% year-on-year increase. Gold contributed US$1.084 billion (69% of the total), silver US$183 million (12% of the total), and other metallic minerals US$26 million (2% of the total). This allowed metallic minerals to represent 82% of total mining exports. During this period, gold exports increased by 25.2% year-on-year, while silver exports decreased by 41.4%.

Regarding lithium, US$29 million were exported in May, a 53.1% year-on-year decrease. This mineral ranked third in May's mining exports, down from second place the previous month, and represented 7.7% of the month's total exports. The decrease in export value, similar to silver, was due to lower export prices. In the first five months of 2024, lithium sales abroad totaled US$227 million, a 38.8% year-on-year decrease, representing 14.4% of total mining exports. However, historically, this figure is the second highest for the first five months of a year, with 2023 being the record year. In terms of exported quantities, lithium increased by 55.1% in the year-to-date.

The remaining mining products totaled US$10 million in exports in May, a 16.2% year-on-year decrease. Of this total, US$7.3 million came from non-metallic minerals, with borates, bentonite, and orthoboric acid prominent. Additionally, US$2.4 million were exported in application rocks, mainly limes (68% of the category). In the first five months of 2024, exports of these other products reached US$57 million, a 3% year-on-year decrease.

Main Destinations

Switzerland, China, Canada, and the United States were the main destinations for Argentine mining exports in May, accounting for 89% (US$342 million) of the total exported. For the year-to-date, these countries represented 79% (US$1.244 billion) of mining exports.

Exports to these countries were predominantly in metallic minerals, which accounted for 92% of the total exported to these destinations in May and 85% in the first five months of the year. These four destinations explained 82% of total metallic mineral exports in the same period, with the remaining 18% mainly directed to India, Belgium, South Korea, Chile, and Peru.

In the case of lithium, exports also concentrated in a few destinations, with China, the United States, and South Korea representing 96% of lithium exports in May and 89% for the year-to-date. China and the United States notably increased their share of these exports, with increases of 151% and 15%, respectively, in the first five months of 2024 compared to the same period in 2023.

Published by: Panorama Minero

Category: News

Join our mining community!


Subscribe to our newsletter for exclusive news, insights, and updates on the mining industry and Panorama Minero's latest initiatives.

Illustrative image for the article: Copper: BHP and Lundin Mining finalize the acquisition of Filo Corp

Copper: BHP and Lundin Mining finalize the acquisition of Filo Corp

In a move that reinforces their position in the global mining industry, BHP and Lundin Mining have completed the acquisition of Filo Corp., a company listed on the Toronto Stock Exchange and the owner of the Filo del Sol (FDS) copper project, located in the Vicuña district between Argentina and Chile. This step marks a key milestone in the expansion of both giants in the copper market, a critical mineral for the energy transition and global technological growth.
Illustrative image for the article: Challenger Gold Completes Strategic Placement and Initiates Processing Agreement at Casposo

Challenger Gold Completes Strategic Placement and Initiates Processing Agreement at Casposo

Australian company Challenger Gold (ASX: CEL) announced the completion of a strategic placement for US$6.6 million with an entity controlled by Eduardo Elsztain, who becomes the company's largest shareholder with a 12.7% stake. Additionally, the initial payment of US$2 million was made under the Toll Processing Agreement with Casposo Argentina Mining Limited, securing the processing of 150,000 tons of Hualilán material annually for three years, with a total guaranteed capacity of 450,000 tons.
Illustrative image for the article: Galan Lithium Secures Permit to Expand Production in Catamarca

Galan Lithium Secures Permit to Expand Production in Catamarca

Australian junior Galan Lithium Limited (ASX:GLN) has received approval from the Ministry of Mining of Catamarca for the Phase 2 exploitation permit for its Hombre Muerto Oeste (HMW) lithium brine project. This permit enables the company to expand its production capacity to 21,000 tons per year of lithium carbonate equivalent (LCE), subject to project financing and the implementation of Phase 1, which targets an output of 5,400 tons per year of LCE.
Illustrative image for the article: Arcadium Lithium Secures Key U.S. Approval, Advancing Rio Tinto Acquisition

Arcadium Lithium Secures Key U.S. Approval, Advancing Rio Tinto Acquisition

Arcadium Lithium, a leading global producer of lithium chemicals, has obtained approval from the Committee on Foreign Investment in the United States (CFIUS) for its acquisition by Rio Tinto. This clearance removes one of the final regulatory hurdles for the deal initially announced in October 2024.
Jujuy: Caucharí-Olaroz Surpasses 25,000 Tons of Lithium Carbonate

Jujuy: Caucharí-Olaroz Surpasses 25,000 Tons of Lithium Carbonate

Lithium Argentina reported that its lithium brine operation in Caucharí-Olaroz, located in Jujuy, achieved a record production of approximately 25,400 tons of lithium carbonate during 2024, meeting its annual targets. For 2025, the company projects an increase in production, estimating between 30,000 and 35,000 tons.
Catamarca: YMAD Opens Tender for Farallón Negro Mine Equipment

Catamarca: YMAD Opens Tender for Farallón Negro Mine Equipment

The intergovernmental company YMAD has launched Public Tender No. 002/24 to acquire a rock breaker equipment for the Farallón Negro underground mine, located in the Belén department, Catamarca. The tender is aimed at companies interested in supplying key technology for mining operations.
Mining Employment in Argentina Closes 2024 with a Downward Trend

Mining Employment in Argentina Closes 2024 with a Downward Trend

The year 2024 ends with challenges for mining employment in Argentina, marked by a sustained decline in job creation throughout the year. According to the year-end monthly report published by the Secretariat of Mining in December, 39,280 formal direct mining jobs were recorded in August 2024. This data, part of a retrospective analysis of the year, shows a 2.1% decrease compared to August 2023, equating to a loss of 824 jobs over the year and a total of 1,787 fewer jobs in the first eight months of 2024.