Los Azules Province of San Juan

At that time an unprecedented increase in production and exports took place, as world-class deposits went into operation: Bajo de la Alumbrera (copper, gold); Cerro Vanguardia (gold, silver), Martha Mine (silver) and Salar del Hombre Muerto (lithium) joined existing operations of Farallon Negro (gold, silver), Andacollo (gold), borates deposits (such as Borax) and Aguilar Mine (silver, lead, zinc), the latter having entered in production in 1936. In 2005 Veladero (gold) and in 2007, San Jose (gold, silver, copper) started production.

Adding to this auspicious outlook, Pascua Lama (gold), the first bi-national project, has received environmental approvals and expects to begin its construction in 2008-9, with over US 1,500 M in investment; Pirquitas (silver, tin), Manantial Espejo (silver, gold) and Gualcamayo (gold, silver) started construction, with combined investments of over US 450 M; Agua Rica (gold, copper, molybdenum) with US 2,000 M and Pachon (copper), with US 1,500 M are both in financial feasibility. Potasio Rio Colorado, with US 735 M is due to start construction in 2008, as well as Casposo (gold, silver). Navidad (silver) is currently in feasibility studies, as well as San Jorge (copper) and finally the National Atomic Commission is working to reopen the Don Otto Mine (uranium) with an state investment of US 2 M. Diablillos,  Rio Grande and Lindero are advancing its exploration, better defining its resources. At the same time, aggressive exploration is led at different parts of the country, from the North to Santa Cruz, with deposits such as El Altar, Los Azules, Pinguino and Tendal which continue being explored. Moreover, the worldwide Uranium craze has also reached Argentina, with over 20 companies actively exploring for U3O8.

For the development of these and other projects, investments of over US 6,000 M are estimated, only in 2008-10.  Furthermore, exploration drilling has reached in 2007 a new record, 600,000m.

Today, excellent metal prices combined with Argentina’s competitive capabilities and resources, the country is experiencing the arrival of an impressive number of companies. The current picture shows the return of investment capital in the sector. Over 150 companies are exploring in Argentina today, with as major players such as Rio Tinto, Barrick, BHP Billiton, Xstrata, Anglogold; intermediate companies like Silver Standard, Pan American Silver, Coeur D’Alene, and juniors like Minera Andes, Exeter, TNR Solitario, Mansfield and Minera Hochschild, to name a few. Investment comes mainly from Canada, the US and Australia. Countries such as Switzerland and South Africa have a growing presence, and China, Brazil, Peru and Japan are increasing their participation, as well as some Argentinean groups and individuals.
The international mining community is witnessing the growth of investments in the search, evaluation and exploitation of mineral deposits in the country. The activity is quickly becoming a development axis, and subsequently, requires an increased offer of products, equipment, machinery and services, as well as human resources.

Argentina is gradually becoming a mining country.