Gold remains the main mining export product of Argentina, despite the production decline of recent years, as it accounted for 61% of exports in the first half of 2026.
The metal contributed US$2.9 billion (bn) between January and June, within total mining exports of US$4.7bn, which meant a year-on-year increase of 74.4% and 154.7% above the 2010-2025 average for the six months.
Among the metallic minerals shipped abroad, gold and silver account for 75% of Argentina’s foreign sales; lithium, 23%; and other, mostly lead, the remaining 2%.
With production close to 50 t/a, gold occupies a central place in Argentina’s export matrix, thanks to the 14 mines in operation: Ajedrez, Cap-Oeste, Casposo, Cerro Moro, Cerro Negro, Cerro Vanguardia, Córdoba, Don Nicolás, Farallón Negro, Gualcamayo, Las Calandrias, Lindero, Catalina and Veladero.
Challenges and Opportunities
However, production has been declining due to the depletion of old mines and the lack of investment, so the metal’s future outlook is uncertain.
“We don’t have any significant project that could replace those that are running out. Of ten operations in production, seven have a useful life that does not exceed four years,” Roberto Cacciola, president of the Cámara Argentina de Empresas Mineras, has warned local press.
For 2026 production is expected to remain at similar levels, thanks to the start-up of Calcatreu, the reactivation of the Casposo processing plant with ore from Hualilan, and the upcoming start of operations of the Veladero mine expansion project.
Argentina’s annual mining exports totaled US$6.0bn in 2025, with gold accounting for US$4.0bn, and are projected to reach US$7.6bn in 2026, of which US$5.2bn will come from gold
By 2030, the national mining secretariat estimates exports of US$15.4bn, in which gold would remain at the top of the list, with the potential to raise US$5.6bn.
Potential
These projections are based on significant gold potential. Among the initiatives that are in advanced exploration and aim to support sustained production are Taguas, Claudia, El Dorado-Monserrat, La Josefina, La Manchuria, Lama, Michelle, San Roque and Cerro Bayo.
Some of those in initial exploration are Cachi, Libanesa, Sascha and Tornado-Hurricane.
Despite these efforts, it is estimated that the share of the yellow metal in Argentina’s mining exports would begin to decline from 2035 onward. This situation would be partially offset by the secondary production of gold in copper projects, such as Vicuña, El Pachón and Mara projects, located in the Vicuña belt on the border between Argentina and Chile.
A place with “very good prospects for new discoveries of deposits related to metals,” said New Mexico School of Mines senior geologist Bill Chávez to BNamericas.
“Vicuña has high exploration potential. I suggest reviewing the historical data both on the Argentine side and the Chilean side, where the copper-gold project Valeriano is located, because interesting mines may emerge in terms of ore grade, access and future production.”
(The original version of this content was written in Spanish)