Mining production at its peak: surged 8.4% in the first half and set a new record

The Mining Industrial Production Index (IPI minero) prepared by Indec recorded an 8.4% growth in the first half of 2026 compared to the same period last year, according to the National Institute of Statistics. Thus, the indicator reached its highest level since the series began to be measured in January 2017.

The semi-annual result is supported by a particularly strong June. Indec reported that mining production grew by 11.4% year-on-year in that month. In seasonally adjusted terms, the index rose by 1.7% compared to May, and the trend-cycle series, which smooths short-term variations, has accumulated 24 consecutive months of growth, a fact that Minister Caputo highlighted on his X account.

However, beyond the sector's rise, it was not uniform in the semester among the different activities that comprise it.

On one hand, crude oil extraction accumulated a 17.4% increase in the first six months of the year, non-metallic minerals and application rocks surged 36%, and metallic minerals rose 1.3%.

In the opposite direction, support services for crude oil and natural gas extraction plummeted by 15.3% in the accumulated comparison, while natural gas extraction showed a moderate increase of 1.2%.

The most significant boost came from the extraction of minerals for the manufacture of chemical products, a category that includes lithium along with boron and other inputs. It is worth noting that this index had a 54% increase in the first half, with a decisive contribution from lithium carbonate, whose specific index rose by 57.1%.

The physical production of lithium carbonate also recorded significant expansion. The agency reported that in June, 11,987.1 tons were extracted, with a year-on-year increase of 59.1%, while the cumulative January-June 2026 grew by 49.4% compared to the same period last year.

According to Indec, the growth of lithium is related to the greater utilization of installed capacity in existing projects and the advancement of new operations in production.

Crude oil was another major driver of the semester. Its index accumulated a year-on-year increase of 17.4%, almost entirely explained by unconventional extraction, which grew by 35.2% in the first half thanks to Vaca Muerta, while conventional production collapsed by 8.8% in the same period. Natural gas had a more balanced activity: its unconventional extraction rose 8.3% cumulatively, but conventional extraction fell 10.9%.

Within the non-metallic minerals, the extraction of salt stands out, which accumulated a growth of 102.6% in the semester, mainly driven by saturated salt solution, with a cumulative increase of 106.3%.

In the segment of metallic minerals, the extraction of silver and gold and their concentrates accumulated a 1.4% increase in the first half.

The growth of mining production was reflected in the growth of exports, which reached a historic figure of u$s4.742 billion in the first half of 2026. This represented a jump of 74.4% compared to the same period in 2025, according to data from the Mining Secretariat.

Lithium also led this export boom, with a 185% year-on-year increase in the value sold abroad. Metallic minerals advanced by 58%, with increases of 51.2% in gold exports and 87.9% in silver exports.

Among the main destinations for mining exports, China stood out with a 205% increase, South Korea with 196%, Canada with 95%, and the United States with 90 percent.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.