Mining Chains 64 Months of Growth and Reaches Export Record
Argentine mining accumulated 64 consecutive months of year-over-year growth in July, according to the Monthly Indicator of Economic Activity (EMAE) series from Indec. In that month, the sector advanced 8.43% compared to July 2025.
The streak began in April 2021, following three months of declines, and has recorded no negative variations since then. During 2026, moreover, six of the seven months reviewed showed double-digit increases, with the largest advance in April, of 17.13%.
Non-metallic minerals and oil drive the momentum
The Mining Industrial Production Index showed that non-metallic minerals and industrial rocks were the primary driver in July, with year-over-year growth of 19.7% and accumulated growth of 33.7%. Salt extraction advanced 78.9% in the month and 99.2% in the first seven months.
Minerals destined for chemical product manufacturing, including lithium, increased 9.8% year-over-year in July and 46.9% accumulated. Crude oil also contributed, with improvements of 12.7% monthly year-over-year and 16.7% accumulated. In contrast, metallic minerals declined 12.4% in July and 0.7% over seven months, while support services for oil and gas extraction fell 16.6% and 15.7%, respectively.
Exports and investment mark new highs
Between January and June, mining exports totaled USD 4.742 billion, the highest record for a first half. The amount grew 74.4% compared to the same period in 2025 and more than doubled the previous record, set in 2011. Lithium sales rose 185%, metallic minerals 58%, and the rest of the sector 3.9%.
Gold represented approximately 61% of shipments and lithium contributed roughly one quarter. Together, mining accounted for nearly 10% of Argentina's exports for the period. Additionally, the foreign direct investment stock in mining reached USD 24.849 billion in March 2026, while the net flow for the first quarter was USD 2.799 billion.
Sector projections point to mining exports of USD 18.500 billion in 2030 and USD 35.000 billion in 2035. For 2026, the estimate exceeds USD 9.000 billion. Copper appears as one of the main future drivers, although the industry warns of challenges related to exploration and the overlap of local content requirements with RIGI conditions.