Canadian mining companies are increasingly interested in expanding their operations in Argentina, with a view to creating an “Andean financial corridor” that would connect Canadian capital and investors with mining projects in Argentina and across the region.
With four projects approved under the Large Investment Incentive Regime (RIGI), totaling more than US$13.6 billion, and another worth US$5.2 billion awaiting approval, Canadian companies are among the main players in Argentina’s mining sector.
Their prominence in the sector predates the introduction of the incentive scheme. In 2021, the Argentine Chamber of Mining Companies (CAEM) estimated that seven of the 13 mining projects in the country at the time were Canadian in origin.
Against this backdrop, a delegation of Canadian experts and business leaders attended a training workshop at Torcuato Di Tella University, organized by the University of Toronto’s Mining Industry Management Program (MIMP) and The Andean Bridge.
The latter is a financial initiative designed to connect mining projects in Argentina, Chile and Peru with domestic and international capital markets under the slogan “Building the Andean Financial Corridor.”
Speaking to Herald, Guillaume Légaré, one of the event’s speakers and director for South America at the Toronto Stock Exchange (TSX) and its venture exchange, the TSX Venture Exchange, described the event as a “unique opportunity” to showcase “the strength of the Canadian ecosystem” in mining and finance.
He said early-stage mining projects across Latin America faced a shortage of capital.
“The importance of the junior mining sector in Argentina and the region is critical to the future growth of mining. And because there is no capital, and Argentina also lacks equity capital markets, development is very limited,” he said.
For that reason, he said, the TSX “plays a very important role in facilitating access to early-stage capital.” The idea, he added, would be to “leverage some of Canada’s financial strength or its experience with this type of financing.”
The Mendoza connection
Légaré explained that a delegation of 12 Canadian investors would arrive in Mendoza on October 30. The group includes representatives from banks and retail brokerage firms who “want to learn about more projects in Argentina and Chile.” He also noted that the delegation would consider one project in Bolivia, another in Colombia and three in Brazil.
The goal is to present potential investors with projects that are better positioned for a near-term listing on the TSX Venture Exchange. For projects that are “not as well aligned at this point,” several initiatives will help them prepare for eventual entry into global capital markets, he said.
The choice of Mendoza was no coincidence. Légaré said the organizers want to promote the province as a “mining and finance hub.” The Andean Bridge’s founding partners include the Mendoza Stock Exchange and the provincial government.
Investor appeal and elections
Asked by Herald whether next year’s elections could create uncertainty among mining investors, Légaré said he was not concerned.
“Argentina is well positioned at the federal level at the moment under the Milei administration, but there is also important leadership at the provincial level in connecting with investors and attracting projects,” he said.
During the workshop, MIMP member Lawrence Devon Smith highlighted the importance of the annual rankings in mining jurisdictions’ competitiveness compiled by Canadian think tank the Fraser Institute.
Argentine provinces are ranked separately from the country as a whole because provincial governments have jurisdiction over managing natural resources.
According to the latest assessment, covering 2025, San Juan ranked highest among Argentine provinces, placing 14th among the 82 jurisdictions assessed and ahead of Brazil, Chile and Peru.
A risk for lithium
Despite the positive outlook, Devon Smith raised concerns about the potential impact of battery safety incidents on demand for lithium, one of Argentina’s key mining products.
He said Canada had recently seen several accidents involving lithium batteries in electric scooters and kick scooters.
“A number of them have exploded and caused fires inside apartment buildings, on balconies and in parking garages,” he said.
Although he attributed these incidents to the quality of replacement batteries rather than original batteries,” he warned that if the trend continued, “people are going to shy away from lithium batteries, and the market could be impacted by that.”
“You can’t shape the public. I mean, if it goes down, if they start passing laws — no scooters, no lithium cars — where’s the market going?” he warned.
La entrada Canadian miners eye Argentina, seek ‘Andean financial corridor’ se publicó primero en Buenos Aires Herald.