Mining: from a year of good news to calming expectations and facing the challenges of 2025

We come from a year of good news in relation to the sector, but at the same time with challenges because that good news, in some cases, can have a very short duration.

We can highlight the implementation of RIGI, that generates possibilities for the development of projects that have been going on for decades and that for different reasons, fundamentally linked to macroeconomics, had not allowed the development of mining at the desired levels.

The RIGI came because it was necessary to give the world a message where three fundamental aspects had to be put on the tablewhich have to do with having a competitive country in tax matters, that those who invest feel comfortable when they have to pay their debts, their loans, their interests, the payment of dividends and fundamentally because of the history we have, the possibility of litigating in abroad if we continue to fail to comply. This tool will have a fundamental effect moving forward, towards what has not yet been developed. But at the same time it forces us to be very aware of what challenges we are going to have in 2025 and beyond.

The other good news, which had a huge impact, is that the province of Mendoza has made the decision to go ahead with mining with great conviction. And its authorities have done an impressive job. There are many things we can learn from conviction, decision, and strength to move forward in an adverse situation. And the situation in Mendoza has totally changed.

Besides, We must keep in mind that there is a lot of anxiety, a lot of restlessness and if we do not manage it properly it can work against us all. So I say, it’s a year of good news. He lithium It is advancing with the difficulties that we all know because there has been a very sharp drop in prices, but today the conditions are beginning to exist for this trend to reverse and consolidate.

Regarding the 2025 challenges, I would mention, on the one hand, the mining of gold and silver and, on the other hand, mining of industrial minerals. In the first case, there is no general interest in developing new projects. The only alternative we have is to encourage those who are there so that they can ensure that at some point there are new interests. And I speak in general terms, because there is good news from Gualcamayo and Hualilán appears. But we are clear that this is not going to replace what will end in three or four years. We need a specific regime for gold and silver mining to encourage the decision of shareholders who, in general terms, are quite tired of Argentina.

And as for the industrial mineralswhich have suffered a political definition in relation to public works. So we have two paths, either we resign ourselves or we look for different alternatives so that private work can replace it. And I think that there we also have an important path to follow so that the bidding processes are speeded up and the works begin to flow as they are needed so that in some way the projects that come from copper have the possibility of developing together with their projects the necessary infrastructure for the development of this highly precious mineral that is going to change the history of Argentina.

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So, having said that, we have chiaroscuros, we have very positive issues and we have some themes that we have to develop. And in the challenges we have for 2025, we have to be smart. Because? Because in some way we will surely have growth in activity in 2025, 2026, 2027.

And that growth is going to be linked to the definitions that are going to come from the hand of the RIGI. There is no doubt that it will not take long regardless of the fact that expectations must be calmed. We need to agree on the growth process, the development of suppliers, the hiring of local labor, the need that we will also have for external actors to intervene. Everything has to go hand in hand with the positive effects of the mining industry reaching Argentines as a whole.

President of the Argentine Chamber of Mining Companies (CAEM).