On July 6th, foreign media reported that the Argentine Mining Secretariat stated on Thursday that last year, Argentina's mining exploration investment reached $370 million, the highest level in a decade.
The Secretariat added in a statement based on data from Standard&Poor's that the exploratory budget has increased by 68% compared to 2021.
Fernanda Avila, Minister of Mines, said: "The mining industry in the country is in full swing."
The Secretariat added that by 2025, Argentina's mining exports are expected to more than double, reaching approximately $8.6 billion.
In the energy transition, Argentina may become a key participant in narrowing the gap between current production and future demand for key minerals, "the agency said.
The investment in gold exploration in 2022 ranked first with $173.6 million, despite a 62% increase in copper budget compared to the previous year, reaching $81.8 million.
The report adds that miners have invested $72.3 million in lithium exploration this year, an increase of 31% compared to 2021.
Argentina is the fourth largest lithium producer in the world, with three factories currently operating, owned by miners Livante, Sales de Jujuy, and Exar. There are currently five projects under construction.
This Latin American country - also the third largest economy in the region - has a total of 161 mining projects in progress. Among them, 24 are in production, with 21 mainly mining gold and 3 mining silver.
Argentina's mining industry has received significant support from private enterprises as the government is seeking a boost in the industry to raise much-needed funds. Although Argentina's tourism industry is growing, its economy has been hit by soaring inflation rates, reaching 114% in May.