The US Export-Import Bank plans to provide up to US$7 billion ($9.88 billion) in financing for critical minerals and energy projects in Argentina, according to a document reviewed by Reuters.
The bank is the US Government’s official export credit agency, providing loans, guarantees, and insurance to support US exports.
The package is expected to be announced in New York during the UN General Assembly and forms part of efforts to deepen economic ties between the US and Argentina.
Funding would be made available over the next two years, including through loans to companies operating in Argentina that purchase equipment from US manufacturers.
The document does not identify recipients or disclose how the proposed funding would be divided between mining and energy projects.
Argentina holds deposits of lithium, copper, and other commodities, alongside the Vaca Muerta shale oil and gas formation.
Major mining companies active in the country include Rio Tinto (ASX:RIO), which operates the Rincon Lithium Project, and BHP Group (ASX:BHP), which holds a 50% interest in the Vicuña copper joint venture.
The proposed financing follows a preferential trade and investment agreement announced by the US and Argentina in February. The agreement includes cooperation on critical minerals but remains subject to ratification by Argentina’s Congress.
Argentine President Javier Milei’s government has also introduced the Incentive Regime for Large Investments, known as RIGI, to attract capital into mining, energy, and infrastructure projects.
Mining Minister Luis Lucero says Argentina could export 580,000 tonnes of lithium and 1.64 million tonnes of copper annually by 2036, representing roughly fivefold growth from 2025 levels.
Argentina forms part of South America’s ‘lithium triangle’ with Chile and Bolivia.
Write to France Pinzon at Mining.com.au
Images: Unsplash
