US eyes up to $7 billion for Argentina mining, energy

The United States Export-Import Bank (EXIM) has announced plans to provide up to $7 billion in financing for critical minerals and energy projects in Argentina. This move aims to bolster the country's access to the region's resources. The proposal, which is expected to be announced on Wednesday during the United Nations General Assembly in New York, would allow Argentine companies to utilize the funds over the next two years to purchase equipment from US manufacturers.

The initiative aligns with the US government's efforts to secure vital resources such as lithium, copper, and rare earths for energy, defense, and advanced technology applications. Since January 2025, the US government has invested over $1 billion in critical minerals investments and financing across Latin America.

Argentina's mining sector has seen a resurgence, and the country's copper sector is projected to reach $40 billion. In February, the US and Argentina signed a critical minerals agreement, although Argentina's Congress has yet to ratify it. To attract significant investments, Argentina has introduced its Incentive Regime for Large Investments (RIGI), which provides tax, customs, and foreign exchange stability for qualifying projects valued at $200 million or more. Rio Tinto's $2.5 billion Rincón lithium project was the first to be approved under this regime.

The US government's backing and financial stability are crucial for Argentina's mining sector. In March, IDB Invest, part of the Inter-American Development Bank Group, announced a $100 million loan for Rincón as part of a broader $1.175 billion financing package. BHP and Chevron are also involved in mining operations in Argentina, with the latter operating in the shale oil and gas sector.

Argentine mining minister Luis Lucero has stated that the country could export 580,000 tonnes of lithium and 1.64 million tonnes of copper annually by 2036. The proposed EXIM package has not been officially announced yet.