Foreign Investment in Mining Doubles in Two Years, Now Exceeding $24.8 Billion
Argentine mining exports reached US$ 4.742 billion during the first half of 2026, the highest level for a first semester since comparable statistics exist for the sector. Another relevant fact is that foreign direct investment (FDI) in mining also touched its historic peak, according to a joint report from the Argentine Mining Companies Chamber (CAEM) and the Rosario Stock Exchange (BCR).
In simple numbers: what was exported in the first half of this year is almost double what was sold abroad in the same period of 2025 (US$ 2.712 billion) and more than triple what was recorded in 2024 (US$ 1.852 billion). The previous record for a first semester dates from 2011, at the peak of the previous metal prices cycle, with US$ 2.260 billion: this year's result surpasses it by more than 100%.
Three Minerals Explain the Jump
Gold remains the sector's main source of foreign currency, accounting for nearly 61% of total exports in the semester. Although 2026 projects lower gold and silver production with higher costs, the impact is offset by elevated international prices that sustain revenues despite the decline in volumes.
One of the companies dedicated to gold production is Barrick Veladero in San Juan.
The most significant change occurs in lithium, which has consolidated itself as the second most relevant mineral in mining exports, surpassing silver since 2023. It now represents nearly a quarter of total exports, compared to less than 5% a decade ago. The startup and expansion of operations in the country drove a 68% increase in lithium export volumes compared to the first half of 2025, according to data from the Mining Secretariat.
Silver completes the podium, maintaining its participation as the third mineral of the period, also favored by high international prices.
Lithium projects in Argentina.
Foreign Investment Also Sets a Record
According to data from the Central Bank (BCRA), the stock of Foreign Direct Investment in the mining sector reached US$ 24.849 billion as of March 2026, compared to US$ 22.049 billion in the previous quarter. This stock measures foreign capital effectively invested in the country—contributions from parent companies, reinvested profits, and financing to local subsidiaries—mostly immobilized in long-life assets such as mines, machinery, and infrastructure.
The evolution over the last three years shows the magnitude of the process: the stock doubled in two years (from US$ 12.402 billion in March 2024 to the current US$ 24.849 billion) and nearly tripled in seven years (from US$ 8.361 billion in September 2019). In 2017, the first data point of the disaggregated series, the stock was around US$ 6.000 billion.
Through RIGI, foreign investment consolidated in projects such as lithium mining in the Puna.
By activity, the mining and quarrying segment concentrated the largest growth, rising from just over US$ 1.000 billion in 2017 to more than US$ 13.000 billion in the latest available data.
Regarding quarterly flows, in the first quarter of 2026 US$ 2.799 billion net in foreign direct investment entered the mining sector, the highest record in the entire BCRA series, 36% above the previous record (US$ 2.055 billion, second quarter of 2024). Between 2017 and 2021, quarterly inflows rarely exceeded US$ 500 million and were even negative in several periods; since 2024, most quarters have been above US$ 1.000 billion.
Two Stages of the Same Process
According to the CAEM and BCR report, the coincidence between the export record and the investment record is not coincidental: mining is a long-cycle activity in which several years can pass between the decision to invest and the first shipment. The report authors interpret that both peaks reflect two stages of the same process: the maturation of previous investments in a context of high prices, and the commitment of new capital to sustain production in the coming years, with focus on lithium and copper.
Growing Weight in Argentina's Foreign Trade
With these results, mining accounted for nearly 10% of Argentina's total exports during the first half of 2026, in line with CAEM and BCR estimates and a historic record for the sector's participation in the country's foreign trade.
Analysis prepared based on the joint report by the Argentine Mining Companies Chamber (CAEM) and the Rosario Stock Exchange (BCR), with data from the BCRA and the Mining Secretariat. Original report authors: Nadav Rajzman (CAEM) and Guido D'Angelo (BCR).