Local and international investors turn on the tap
Image by leungchopan at Adobe Stock
Exports of US$30 billion, millions of dollars in new local, provincial, and national tax revenue, tens of thousands of new highly paid jobs; Such are the numbers that the Argentine government is hoping to unlock with its push for the mining sector’s development in copper, lithium, precious metals and uranium across multiple provinces that span Argentina’s southern, western, and northern regions. Argentina’s mining revival is being spurred on by international markets, institutional financiers, and, more recently, by major local investors who are diversifying from their traditional markets in agriculture, oil & gas, and real estate. As major copper projects in particular kick into gear, local banks have also finally taken an interest in the development of the mining sector, taking steps to involve themselves across each stage of the mining lifecycle, as well as creating a financing ecosystem for Argentine SMEs that want to grow their share of the mining supply chain.
Argentina’s monetary history in the 21st century has been troubled; steep inflation and a continuous devaluation of the Argentine peso have created an economic blackhole in the country. Argentina’s debt pile to international financial institutions such as the IMF has grown to the top of the global pile. In October 2025, the Trump White House promised the Argentine government a US$20 billion currency swap line to help arrest a slide in value of the Argentine currency, which had accel erated since elections in Buenos Aires province, Argentina’s most populous. These elections in September had dealt a blow to confidence in the Milei government. In April 2025, the World Bank announced a US$12 billion funding package for Argentina, with US$5.5 billion allocated to the IFC to support private sector development.
The World Bank’s commitments to Argentina include a focus on critical minerals development. The IFC, which is the World Bank’s private investment arm, has made numerous plays in the Argentine mining ecosystem, including a collaboration agreement with McEwen’s Los Azules copper project, integrating the IFC’s performance standards on ESG into Los Azules’ project development, which paves the road for the IFC to potentially act as a major lender to the project, according to McEwen Copper’s press release. This follows a 2023 IFC loan of up to US$180 million to Allkem’s Sal de Vida greenfield lithium project in Catamarca, the IFC’s first lithium mining investment.
Since then, the IFC’s involvement in the mining ecosystem has deepened, including a collaboration with Central Puerto, Argentina’s most significant private power generator, to advance feasibility studies on an up to US$600 million investment that would extend a power transmission line into the NOA region, supplying grid power to multiple mining projects in the area. In a sign of the seriousness of this initiative, Central Puerto is also the largest shareholder in AbraSilver, which owns the Diablillos silver project, one of the mining sites that would get access to this new power transmission line.
For the mining sector, which has enjoyed record investments since Milei’s election and the introduction of RIGI, politics matter, though Argentina’s fiscal framework for mining companies is considered safe enough to invest in regardless, and politicians of all stripes at the provincial level are inviting mining investments.
Some publicly listed companies with Argentine properties have had a spectacular year, including AbraSilver and Argenta Silver, Challenger Gold, and Aldebaran Resources. Among Toronto Stock Exchange (TSX) listed companies, Argentina’s importance has continued to grow in the past few years. Guillaume Légaré, head of South America for the TSX & TSX-V, said: “In Argentina today, we have 52 issuers with 157 properties listed on TSX and TSXV, making it the second most important market in Latin America after Mexico in terms of the number of properties.”
The TSX conducted multiple roadshows in Mendoza throughout the year, marketing its Capital Pool Companies (CPC) as a tool that Argentine mining property owners can utilize to tap into the North American investor base. A CPC is a shell listed on the TSXV with no liabilities and no assets beyond some initial capital. It exists to merge with a private company through a reverse takeover, providing an efficient path to becoming publicly listed.
Despite Argentina’s relevance on the public markets, financiers are well aware of the particular challenges that have to be overcome. Légaré continued: “Exploration in Argentina, particularly in the Andes, faces high drilling costs, which is a challenge across the board. Globally, capital is scarce, but mining continues to attract a significant share of what is available. Investors are becoming increasingly selective, focusing on the most promising projects.”
Argentina’s mining strategy is banking on a long-term supply crunch in critical minerals across copper and lithium; demand trends continue upwards, but the time lag in new supply streams is unlocking investments in mining projects across the country. Despite a laggard lithium price environment since the price peaks of 2023, long-term projections remain optimistic. Resource Capital Funds, a mining industry-focused private equity firm, is focusing its funds on this space. Martín Valdés, partner and head of private equity strategy at Resource Capital Funds, said: “We are highly focused on critical minerals, particularly copper and lithium, reflecting strong fundamentals and global competition for supply.”
The company has previous investments in lithium companies in Argentina and is also invested in an early-stage gold explorer, Fredonia Mining. Nevertheless, the long-term fundamentals in critical minerals are clear to Valdés, who said: “Beyond decarbonization, we see a broader arc of technological advancement—AI and supercomputing demand are creating growth in niche commodities such as niobium, cobalt and silicon.”
Local financing
While major mining projects seek the likes of IFC financing and international investors for their multi-billion-dollar developments, there is also an increase in local, Argentine capital participating in the mining sector. In February 2025, Blue Sky Uranium announced an earn-in transaction with Corporación América up to the value of US$160 million, giving the latter the option to acquire up to an 80% interest in the Ivana uranium-vanadium deposit. Corporación América is an Argentine conglomerate owned by Eduardo Eurnekian, one of Argentina’s wealthiest businesspeople. In addition, multiple precious metals players in the country, including Austral Gold, Challenger Gold, and Argenta Silver, have received substantial investment and support from the IRSA group, owned by Eduardo Elsztain, one of Argentina’s most successful real estate and agricultural investors.
Another prominent Argentine investor, José Luis Manzano, has made multiple mining investments through Integra Capital, his family office, across the Argentine mining sector. These investments include the acquisition of Minera Aguilar, Potasio Río Colorado (PRC), and an assortment of lithium investments across Jujuy, Catamarca and La Rioja. In addition, Integra Capital has made numerous mining investments across Peru and Brazil. Pablo Tarantini, managing director of Integra Capital, said: “Lithium’s rise and the Vicuña copper discovery have placed Argentina back on the global mining map. Majors that were dormant or absent are now active. If lithium investment continues, Argentina will become a leading exporter of this commodity.”
The re-entry of major mining multinationals into Argentina, including BHP, Rio Tinto and Glencore, has encouraged local financiers, who traditionally made their fortunes in the agricultural, oil & gas, and industrial sectors, to venture into mining. Focused on building its lithium business and advancing the PRC project, which could become a regional potash supplier with the right investments, Tarantini said: “If the country maintains clear rules and continues to strengthen macro stability, the sector can mature quickly.”
Local banks are also making inroads into mining, including Banco Galicia, the country’s largest private bank. The banking sector is undergoing a period of consolidation, and many local lenders are diversifying into the mining space. In Banco Galicia’s case, a new energy & mining vertical was established this year, and Ignacio Badaloni, formerly head of corporate banking, has taken charge. Badaloni, head of energy & mining for the bank, said: “In the next few years, the energy and mining world will need much financing. Big projects and capital expenditures have to be financed by mixing cross-border funds with local financing. Funding capabilities offered by Galicia include not only direct financing, including trade finance operations, working capital financing, and guarantees provided to builders for the entire project, but also capital markets issuances in both local and international markets.”
Local Argentine banks have traditionally provided short-term bridge loans and working capital for mining projects and taken part in syndicated loans for larger projects. Another opportunity to grow their exposure to the mining industry is through the local mining supplier network, which needs funds. Badaloni commented: “There is a great opportunity to develop a strong supplier network needed to support Argentina’s oil and gas and mining boom. There is room for growth for suppliers at all levels of the value chain, from food and accommodation to machinery and equipment.”
Local banks have had to adapt their approach to credit analysis and risk profiles for suppliers that are often SMEs. According to Manuel Benitez, president of the Chamber of Argentine Mining Suppliers: “Five banks are member partners and design instruments for mining suppliers, ranging from working capital to equipment financing.”
Similar to Banco Galicia, Banco Supervielle has also established a dedicated mining practice since 2023. There is a large market for banking services among the plethora of mining SMEs, which currently operate and will become more significant once major funds for construction and development around some of Argentina’s major copper projects are unlocked. In the meantime, Marcelo Fernández, commercial banking manager of Banco Supervielle, said: “We recognize that mining suppliers, when expanding their scale, often do not reflect in their current financial statements the true potential of their future performance. In such cases, we can take into account the contracted services and adjust credit lines based on projected cash flows, always within the applicable regulatory frameworks.”
Banco Comafi has direct banking relationships with 14 mining operators, according to Jeremias Maratta, mining business manager. According to Maratta, the bank was the first financial institution to join CAEM. In an environment of high interest rates and currency instability, local banks have found an opportunity to provide financial services to mining projects. Maratta said: “The recent macroeconomic situation in Argentina, particularly the difference in interest rates between local and international markets, has made local financing more attractive. Banco Comafi has financed projects at highly competitive rates. Local banks play a crucial role in providing quick financing and bridging the gap until international funding becomes available.”
Image by leungchopan at Adobe Stock
Exports of US$30 billion, millions of dollars in new local, provincial, and national tax revenue, tens of thousands of new highly paid jobs; Such are the numbers that the Argentine government is hoping to unlock with its push for the mining sector’s development in copper, lithium, precious metals and uranium across multiple provinces that span Argentina’s southern, western, and northern regions. Argentina’s mining revival is being spurred on by international markets, institutional financiers, and, more recently, by major local investors who are diversifying from their traditional markets in agriculture, oil & gas, and real estate. As major copper projects in particular kick into gear, local banks have also finally taken an interest in the development of the mining sector, taking steps to involve themselves across each stage of the mining lifecycle, as well as creating a financing ecosystem for Argentine SMEs that want to grow their share of the mining supply chain.
Argentina’s monetary history in the 21st century has been troubled; steep inflation and a continuous devaluation of the Argentine peso have created an economic blackhole in the country. Argentina’s debt pile to international financial institutions such as the IMF has grown to the top of the global pile. In October 2025, the Trump White House promised the Argentine government a US$20 billion currency swap line to help arrest a slide in value of the Argentine currency, which had accel erated since elections in Buenos Aires province, Argentina’s most populous. These elections in September had dealt a blow to confidence in the Milei government. In April 2025, the World Bank announced a US$12 billion funding package for Argentina, with US$5.5 billion allocated to the IFC to support private sector development.
The World Bank’s commitments to Argentina include a focus on critical minerals development. The IFC, which is the World Bank’s private investment arm, has made numerous plays in the Argentine mining ecosystem, including a collaboration agreement with McEwen’s Los Azules copper project, integrating the IFC’s performance standards on ESG into Los Azules’ project development, which paves the road for the IFC to potentially act as a major lender to the project, according to McEwen Copper’s press release. This follows a 2023 IFC loan of up to US$180 million to Allkem’s Sal de Vida greenfield lithium project in Catamarca, the IFC’s first lithium mining investment.
Since then, the IFC’s involvement in the mining ecosystem has deepened, including a collaboration with Central Puerto, Argentina’s most significant private power generator, to advance feasibility studies on an up to US$600 million investment that would extend a power transmission line into the NOA region, supplying grid power to multiple mining projects in the area. In a sign of the seriousness of this initiative, Central Puerto is also the largest shareholder in AbraSilver, which owns the Diablillos silver project, one of the mining sites that would get access to this new power transmission line.
For the mining sector, which has enjoyed record investments since Milei’s election and the introduction of RIGI, politics matter, though Argentina’s fiscal framework for mining companies is considered safe enough to invest in regardless, and politicians of all stripes at the provincial level are inviting mining investments.
Some publicly listed companies with Argentine properties have had a spectacular year, including AbraSilver and Argenta Silver, Challenger Gold, and Aldebaran Resources. Among Toronto Stock Exchange (TSX) listed companies, Argentina’s importance has continued to grow in the past few years. Guillaume Légaré, head of South America for the TSX & TSX-V, said: “In Argentina today, we have 52 issuers with 157 properties listed on TSX and TSXV, making it the second most important market in Latin America after Mexico in terms of the number of properties.”
The TSX conducted multiple roadshows in Mendoza throughout the year, marketing its Capital Pool Companies (CPC) as a tool that Argentine mining property owners can utilize to tap into the North American investor base. A CPC is a shell listed on the TSXV with no liabilities and no assets beyond some initial capital. It exists to merge with a private company through a reverse takeover, providing an efficient path to becoming publicly listed.
Despite Argentina’s relevance on the public markets, financiers are well aware of the particular challenges that have to be overcome. Légaré continued: “Exploration in Argentina, particularly in the Andes, faces high drilling costs, which is a challenge across the board. Globally, capital is scarce, but mining continues to attract a significant share of what is available. Investors are becoming increasingly selective, focusing on the most promising projects.”
Argentina’s mining strategy is banking on a long-term supply crunch in critical minerals across copper and lithium; demand trends continue upwards, but the time lag in new supply streams is unlocking investments in mining projects across the country. Despite a laggard lithium price environment since the price peaks of 2023, long-term projections remain optimistic. Resource Capital Funds, a mining industry-focused private equity firm, is focusing its funds on this space. Martín Valdés, partner and head of private equity strategy at Resource Capital Funds, said: “We are highly focused on critical minerals, particularly copper and lithium, reflecting strong fundamentals and global competition for supply.”
The company has previous investments in lithium companies in Argentina and is also invested in an early-stage gold explorer, Fredonia Mining. Nevertheless, the long-term fundamentals in critical minerals are clear to Valdés, who said: “Beyond decarbonization, we see a broader arc of technological advancement—AI and supercomputing demand are creating growth in niche commodities such as niobium, cobalt and silicon.”
Local financing
While major mining projects seek the likes of IFC financing and international investors for their multi-billion-dollar developments, there is also an increase in local, Argentine capital participating in the mining sector. In February 2025, Blue Sky Uranium announced an earn-in transaction with Corporación América up to the value of US$160 million, giving the latter the option to acquire up to an 80% interest in the Ivana uranium-vanadium deposit. Corporación América is an Argentine conglomerate owned by Eduardo Eurnekian, one of Argentina’s wealthiest businesspeople. In addition, multiple precious metals players in the country, including Austral Gold, Challenger Gold, and Argenta Silver, have received substantial investment and support from the IRSA group, owned by Eduardo Elsztain, one of Argentina’s most successful real estate and agricultural investors.
Another prominent Argentine investor, José Luis Manzano, has made multiple mining investments through Integra Capital, his family office, across the Argentine mining sector. These investments include the acquisition of Minera Aguilar, Potasio Río Colorado (PRC), and an assortment of lithium investments across Jujuy, Catamarca and La Rioja. In addition, Integra Capital has made numerous mining investments across Peru and Brazil. Pablo Tarantini, managing director of Integra Capital, said: “Lithium’s rise and the Vicuña copper discovery have placed Argentina back on the global mining map. Majors that were dormant or absent are now active. If lithium investment continues, Argentina will become a leading exporter of this commodity.”
The re-entry of major mining multinationals into Argentina, including BHP, Rio Tinto and Glencore, has encouraged local financiers, who traditionally made their fortunes in the agricultural, oil & gas, and industrial sectors, to venture into mining. Focused on building its lithium business and advancing the PRC project, which could become a regional potash supplier with the right investments, Tarantini said: “If the country maintains clear rules and continues to strengthen macro stability, the sector can mature quickly.”
Local banks are also making inroads into mining, including Banco Galicia, the country’s largest private bank. The banking sector is undergoing a period of consolidation, and many local lenders are diversifying into the mining space. In Banco Galicia’s case, a new energy & mining vertical was established this year, and Ignacio Badaloni, formerly head of corporate banking, has taken charge. Badaloni, head of energy & mining for the bank, said: “In the next few years, the energy and mining world will need much financing. Big projects and capital expenditures have to be financed by mixing cross-border funds with local financing. Funding capabilities offered by Galicia include not only direct financing, including trade finance operations, working capital financing, and guarantees provided to builders for the entire project, but also capital markets issuances in both local and international markets.”
Local Argentine banks have traditionally provided short-term bridge loans and working capital for mining projects and taken part in syndicated loans for larger projects. Another opportunity to grow their exposure to the mining industry is through the local mining supplier network, which needs funds. Badaloni commented: “There is a great opportunity to develop a strong supplier network needed to support Argentina’s oil and gas and mining boom. There is room for growth for suppliers at all levels of the value chain, from food and accommodation to machinery and equipment.”
Local banks have had to adapt their approach to credit analysis and risk profiles for suppliers that are often SMEs. According to Manuel Benitez, president of the Chamber of Argentine Mining Suppliers: “Five banks are member partners and design instruments for mining suppliers, ranging from working capital to equipment financing.”
Similar to Banco Galicia, Banco Supervielle has also established a dedicated mining practice since 2023. There is a large market for banking services among the plethora of mining SMEs, which currently operate and will become more significant once major funds for construction and development around some of Argentina’s major copper projects are unlocked. In the meantime, Marcelo Fernández, commercial banking manager of Banco Supervielle, said: “We recognize that mining suppliers, when expanding their scale, often do not reflect in their current financial statements the true potential of their future performance. In such cases, we can take into account the contracted services and adjust credit lines based on projected cash flows, always within the applicable regulatory frameworks.”
Banco Comafi has direct banking relationships with 14 mining operators, according to Jeremias Maratta, mining business manager. According to Maratta, the bank was the first financial institution to join CAEM. In an environment of high interest rates and currency instability, local banks have found an opportunity to provide financial services to mining projects. Maratta said: “The recent macroeconomic situation in Argentina, particularly the difference in interest rates between local and international markets, has made local financing more attractive. Banco Comafi has financed projects at highly competitive rates. Local banks play a crucial role in providing quick financing and bridging the gap until international funding becomes available.”
