Argentina Day in Toronto showcased the country’s commitment to attracting mining investments, featuring key government officials who emphasized economic stabilization and the introduction of the RIGI law to boost investor confidence. Presentations highlighted Argentina’s vast mineral resources and reinforced political and industry support for mining. Despite this optimistic outlook, maintaining stability remains essential for long-term success.
At the recent Argentina Day event in Toronto, the delegation was led by the Secretary General of the Presidency, Karina Milei, alongside the Secretary of Finance, Pablo Quirno, and Secretary of Mining, Luis Lucero. The occasion also saw the presence of Argentina’s Ambassador to Canada, Josefina Martínez Gramuglia, and Canada’s Ambassador to Argentina, Stewart Wheeler.
The event began with remarks from Ambassador Gramuglia, who was followed by Ambassador Wheeler. The latter emphasized the significance of reinforcing responsible mining practices that contribute to Argentina’s economy while being environmentally sustainable: “Contributions to the sector in Argentina and abroad are not only fundamental to our economy but also essential in ensuring that business practices are both economically and environmentally responsible.”
Karina Milei delivered one of her infrequent public addresses, acknowledging the efforts made by various diplomatic and governmental entities to facilitate Argentina’s participation in the event. She expressed a vision of change in Argentina’s economic landscape: “There is a new era in Argentina—there is a before and after. Today, we see a stable and growing economy, and we also see the RIGI law, which I believe is what brings us here today.”
Pablo Quirno provided a detailed review of Argentina’s economic recovery under President Milei, illustrating the previous circumstances the country faced. He remarked on the importance of addressing the fiscal deficit, which had long hindered economic stability: “For decades, Argentina attempted to control inflation with price caps, manage debt crises by restructuring or defaulting… But it never addressed the real issue: the fiscal deficit.”
Within a month, the Milei administration purportedly eradicated 5% of GDP from the fiscal deficit, achieving consistent surpluses. Quirno noted: “We had no credibility… So we had to deliver results quickly. And we did: we achieved fiscal balance in the first month, and today, 14 months later, we continue to maintain a financial surplus every month.”
Luis Lucero’s presentation emphasized Argentina’s mining capabilities, noting the vast mineral resources available. He stated: “Argentina holds 122.4 million tonnes of lithium resources, 90.5 million tonnes of copper… with a more flexible concession regime than Chile and Bolivia.”
Lucero highlighted recent advancements in the sector, specifying that lithium production capacity had surged by 40% in eight months and that there are several ongoing investment projects amounting to US$5.4 billion seeking RIGI inclusion. He noted the newfound bipartisan political support for mining developments: “For the first time in years, both national and provincial leaderships are aligned in recognizing mining as a pillar of economic development.”
Furthermore, Lucero discussed international agreements established by Argentina aimed at promoting investment and improving technical education in mining. He brought attention to the positive effects of the RIGI tax reforms, declaring: “According to CRU Group, the effective tax burden on copper mining EBITDA has dropped from 47% to 38%, making us more competitive than Chile (45%) and Peru (42%).”
At the panel discussing opportunities in Cuyo and Patagonia, Governor Marcelo Orrego of San Juan remarked on the strategic importance of copper mining: “Lithium is tactical, but copper is strategic because it cannot be replaced. Today, San Juan hosts six of Argentina’s ten copper projects…”
Mendoza Governor Alfredo Cornejo echoed this statement, affirming the province’s commitment to improving mining regulations for faster permitting processes. He mentioned the establishment of the Malargüe Western Mining District (MDMO) as significant, hosting numerous approved mining projects.
La Rioja Governor Ricardo Quintela highlighted the historical significance of mining in his province, while Jujuy Governor Carlos Sadir reinforced the established investment framework that supports mining development beneficially linked to local community interests: “Mining development in Jujuy has been built on clear rules and a strong relationship with investors.”
Highlighting the private sector’s confidence in Argentina’s mining potential, Barrick CEO Mark Bristow praised the Veladero mine’s performance and its significant contribution to the country’s export revenues. He expressed optimism about future investments under the current government reforms: “We welcome the government’s economic reforms and believe in Argentina’s potential.”
Austral Gold CEO Eduardo Elsztain commented on the necessity of financial stability to leverage Argentina’s rich resources, noting historical currency instability as a barrier to capital investment: “Stability is key to attracting capital.”
Argentina’s involvement in PDAC 2025 emphasizes its intent to establish itself as a prime destination for mining investments, advocating government support, economic stability, and incentives like RIGI. However, enduring these changes remains an essential challenge, as historical volatility raises concerns over long-term investor confidence and regulatory consistency.
The Argentina Day event highlighted the government’s strategic focus on revitalizing the mining sector and attracting foreign investment. Officials noted significant progress in economic stabilization and the introduction of favorable legislation, such as the RIGI. However, sustaining this momentum remains vital, as Argentina’s historical economic challenges pose risks to investor confidence in the long run.
Original Source: www.panorama-minero.com
