Morgan Stanley Sees Argentina as the Next Mining Frontier

Wall Street firm Morgan Stanley has branded Argentina a "next mining frontier," according to a report from Argentinian business media. The bank's study, titled "Malbec & Minerals," argues that the country's favorable tax environment and three decades of stability make it an attractive destination for large-scale capital. Morgan Stanley identifies over 50 advanced mining projects across copper, lithium, gold, silver, and uranium, estimating they could mobilize more than $50 billion in capital spending.

The largest copper project is Vicuña in San Juan, with estimated spending of $44 billion to reach production. The report projects roughly 1.2 million tonnes of copper production annually by 2035 and copper exports nearing $26 billion. Lithium production is expected to ramp up faster, with six operating lithium mines already in operation since 2023.

The country's Large Investment Incentive Regime (RIGI) grants 30 years of tax and currency stability to qualifying projects, and nine of the regime's first 16 approvals were mining projects. Mining sales accounted for 6.9% of Argentina's total exports in 2025, with US$6.075 billion in revenue. The Régimen de Incentivo for Grandes Inversiones (RIGI) has been central to the country's mining investment case, with 21 approved projects worth $46.7 billion as of early August 2026.

However, the bank warns that the challenge now is not announcing projects, but executing them, as mines and export terminals take years to build. Opposition to mining projects remains strong, with recent legal challenges to the Vicuña and Andalgalá projects.