What are the most exported metalliferous minerals?
Of the total exported during July 2024, US$195 million corresponded to metalliferous mineralswhich represented a year-on-year drop of 32.7% compared to the same month in 2023 for this category.
These minerals represented 79.9% of the total mining exports of the month, highlighting the participation of gold with US$153 million (63% of the total exported) and the silver with US$37 million (15% of the total).
Currently the three main metalliferous projects that are in production are Candlelight Dinner, in the province of San Juan, and Cerro Negro and Vanguardiaboth in Santa Cruz.
Of the remaining US$5 million (2% of the total exported) were explained by other metalliferous minerals (lead mainly).
In July, the value of the gold exports presented a year-on-year drop of 34.5% (81 million less than in 2023), explained by a decrease in export prices.
The silver exports In the month analyzed, they fell by 28.5% year-on-year (US$15 million less than in 2023), explained by a decrease in export prices, with the fall of this mineral being noted once again in the statistics provided.
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In the accumulated total of the first 7 months of the year, metalliferous minerals exported US$1.76 billion. This implies an interannual increase of 0.5%, where the gold contributed US$1.430 million (66% of the total exported), the silver u$s293 million (14% of the total exported) and the rest of the metalliferous minerals US$37 million (2% of the total exported). This allowed this item to represent 81.2% of total mining exports.
In this way, in the first 7 months of 2024, gold shows a year-on-year growth of 11.4% in the exported amounts, while silver fell by 32.4% year-on-year. Characterization by product
Sharp drop in lithium exports due to lower international prices
In the case of lithium, In July, a total of US$32 million was exported, which meant a year-on-year drop in the amounts exported of 57.4%.
In the seventh month of the year, the lithium, According to the most exported minerals, it occupied the third position (maintaining the same level as the previous month). Thus, Lithium accounted for 13.1% of total mining exports in the month. This year-on-year drop in export value was explained by a decrease in export prices and also by a decrease in export volumes.
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In the first 7 months of 2024, lithium sales abroad reached US$321 milliondecreasing by 34.7% year-on-year, representing 14.8% of total mining exports and occupying this export figure in historical terms the number three position for the first 7 months of a year, with the accumulated figure for the year 2023 being the largest historical year with the highest exported amounts.
As for the Exported quantities of lithiumin the accumulated amount of the year to date, showed an increase of 56.6%.
How much are gold, silver, lithium and copper quoted?
According to data from the National Mining Secretariat, The price of gold closed the first week of September at US$2,517.7 per ouncedown 0.29% compared to the previous week. “The price of gold is likely to remain high as markets are awaiting the announcement of US employment figures, which will have a direct impact on the Federal Reserve’s interest rate decisions,” it was officially estimated.
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In the case of Silver price fell 2.14% to $28.84 per ounce on Friday, September 6, compared to the previous Friday. The gold/silver ratio stood at 87.30, showing an increase of 1.92% when analyzing from Friday to Friday. This indicator represents the relative value of metals, and the dynamics observed this week show that gold is appreciating in relation to silver, analyzed the Government.
He Battery grade lithium carbonate spot price closes the week at US$10,650, falling 3.18% in that first week of September. “Spot prices traded lower in the week amid the weakness of the domestic market in China. In context, the excess supply of lithium in the Asian country and the moderate purchase of electric vehicles compared to what was projected have affected the price,” they said. For their part, the lithium hydroxide It is quoted at US$10,100 per ton.showing a fall of 4.27% compared to the previous week.
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He Copper price reached US$4.09 per pound at the opening on Fridayshowing a 2.2% drop compared to the previous Friday. However, the price remains slightly above 4 dollars. “The market continues to expect a reduction in US interest rates in September and closes the week with a falling dollar index. Meanwhile, inventories on the Shanghai Futures Exchange fell 10.9% this week, their lowest level since March,” they indicated last week.
What are the main destinations for mining exports?
Switzerland, United States, China and Canada were the main destinations for mining exports in July, accounting for 76% of the total, 3% less than the total accumulated for the entire year for these four countries.
The mining exports To these 4 countries were mainly for metalliferous minerals, which represented, for this group, 86% of total mining sales abroad in July and 85% in the first 7 months of the year.
In turn, these 4 destinations accounted for 82% of total metal exports in the first 7 months of 2024.
The remaining 18% of exports in this area were mainly destined for countries India, Belgium, South Korea, Chile and Germany.
China leads the way in lithium purchases
China continues to lead the Purchase of Argentine lithium with a big advantage over the rest. Despite the fact that USA It is increasingly being referred to in the sector as the difference with respect to China It is very big.
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The Asian country accounts for 68% of lithium exports, while the North Americans are far behind with only 12% of purchases of Argentine lithium.
Where the countries’ numbers do have similarities is the increase in their share of lithium exports by 23% and 102% respectively in the first 7 months of 2024 compared to the same period in 2023.
The rest of the exports
The rest of the mining products reached the US$17 million exported in Julyrepresenting a year-on-year increase of 32.3%.
Of these some US$12.6 million corresponded to non-metallic mineralsstanding out borates, orthoboric acid and other boratesto which we must add the US$4.4 million of exports of application rockswhere limes accounts for 80% of the sector.
In the cumulative total for the first 7 months of 2024, the rest of the exports reached US$ 87 million, marking a year-on-year growth of 5.4%.
Copper as a major target
The main objective of the government and the mining sector for exports to increase exponentially is set on the coppera mineral that the country stopped exporting since the closure of Alumbrera Mining in 2018and where it is projected to be able to export US$9 billion per year of this mineral alone by 2035.
Source: Ambito
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