Argentina's mines sold more abroad in nine months than in all of 2025, but its biggest bet, copper, is still at an early stage.
Argentina’s mining exports reached a record US$6.72 billion in January to September 2026, up 59.3% from a year earlier and already 11% above the whole of 2025 (US$6.07 billion), La Nación, a Buenos Aires daily, reported on 11 November. Mining is now 8.8% of the country’s exports.
The newspaper asks whether mining can become “the next Vaca Muerta”, the shale formation that turned Argentina into an energy exporter. For US investors in lithium, gold and copper, the answer depends on projects that are still being built.
Gold and Lithium Carry the Record
Gold brought in US$4.02 billion, or 60% of mining exports, even though shipped volumes fell 28.9%, La Nación reports, and the gold price averaged US$4,319 an ounce in September. Lithium exports rose 173% to US$1.62 billion, nearly a quarter of the total, and silver added US$799 million.
Lithium is the fragile part. Lithium carbonate closed October at US$12,900 a tonne, its lowest level in ten months because of excess inventories and weak demand, the newspaper says.
The Salar de Uyuni salt flat in Bolivia, part of South America's “lithium triangle” with Argentina and Chile. File photo. Photo: Rio Times libraryCopper Is the Big Bet
Thirteen of the 27 projects approved under RIGI, Argentina’s incentive regime for large investments, are mining projects, with US$27.6 billion committed. Four copper projects account for US$19.7 billion, led by Vicuña, a large copper project in San Juan province, with US$9.74 billion, and La Nación says most RIGI projects are still in early stages.
Copper averaged US$14,474 a tonne in September, La Nación reports. The copper projects are bets on future output rather than current exports.
What Is Missing
Imports by mining projects equalled 14.6% of their exports in September, up from 5.4% a year earlier, as projects under construction buy equipment abroad. Copper sites also need their own infrastructure, which adds cost and time.
Exports are concentrated: the provinces of Santa Cruz, San Juan, Jujuy, Salta and Catamarca supply 98% of the total. Rio Tinto, a global mining group, plans to send about 70% of a planned US$4 billion investment in its Argentine lithium operations to local suppliers, according to La Nación.
What It Means for You
Investors should read the record as a gold and lithium story, with copper still ahead. Related coverage includes our Argentina hub and Peru’s copper slide after the US vote.
What Is Not Known
It is not known when the first RIGI copper project will ship metal, or how far lithium prices will fall. The figures here come from La Nación’s report, and we could not open the official export tables.
Frequently Asked Questions
How much did Argentina's mining exports reach in 2026?
US$6.72 billion in January to September, up 59.3% and a record for the period, according to La Nación.
What is RIGI?
RIGI is Argentina's incentive regime for large investments. Thirteen mining projects with US$27.6 billion committed are in it.
What is the outlook for copper in Argentina?
Four RIGI copper projects worth US$19.7 billion are being developed, and La Nación says most RIGI projects are still in early stages.