This provider network means that, according to a recent study by the Production Studies Center (CEPXXI)for each formal salaried job that is generated in the sector, an additional one is produced in its suppliers in the first ring.
According to said study, in 2019 the sector employed around 25,000 formal salaried jobs in its immediate suppliers.
Likewise, counting not only formal salaried jobs but also independent ones, and employment in suppliers’ suppliers, the estimate of direct and indirect mining employment of the Argentine Chamber of Mining Entrepreneurs (CAEM) amounts to 83,000 people.
“The mining It is also a high-wage activity, which doubles the national average,” the report stated.
In the metal mining sub-segment, wages triple the average, and in 2021 it was the second activity with the highest wages in the economy, only behind hydrocarbons.
In turn, the analysis highlighted that “mining is an activity of high relative formality, with more than 90% of formal employment against around 60% in the private sector average.”
After the 2001-2002 crisis, provinces such as San Juan and Santa Cruz, the two with the highest mining production in the country, created registered employment well above the national average and that of their regional neighbors.
Likewise, in San Juan, income poverty went from being 10 points higher than the national average in 2004 (before its mining boom) to 5 points lower than the national average today.
“These two questions indicate that the activity can be a vector of social and economic development”highlighted the report.
In terms of foreign currency balance, mining exported around US$3.2 billion in 2021, accounting for around 4% of the country’s goods exports.
According to a recent study by the Ministry of Mining with information from the Central Bank, the foreign currency balance of mining is structurally in surplus, that is, income from investments and exports are systematically greater than outflows from remittances of profits and imports. thus contributing to minimizing the risks of currency crises due to lack of foreign currency and improving macroeconomic sustainability.
Source: Ambito
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