A mountain range, shared opportunities

While visiting Argentina, I observed with particular interest the momentum the country is giving to mining. A long-recognized potential is taking shape in projects, investment decisions, and an agenda aimed at turning the country's resources into development. The figures show the scale of this commitment. According to information released in early October, the Large Investment Incentive Regime (RIGI) has registered 47 projects, of which 23 have been approved, with committed investments of around US$49.7 billion. Twelve of these are mining projects. Among them is Agua Rica, Glencore's project in Catamarca, whose incorporation was announced last week. Argentina has sought to offer conditions that are fundamental for any long-term investment, including predictability, tax stability, and a clear signal of support for the development of the industry. Added to this is cooperation with the United States on critical minerals, aimed at facilitating investment and diversifying supply chains. The announcements will need to translate into action, but the effort to generate these conditions deserves attention. From Chile, I believe we should look at this process from a broader perspective. Both countries will compete for capital and markets, but they also have capabilities that can complement each other. The development of major Argentine deposits opens opportunities for Chilean companies in engineering, construction, transportation, maintenance, technology, water management, and energy solutions. Projects like Vicuña, which brings together Josemaría and Filo del Sol, allow us to gauge that possibility. Their Andean location invites us to evaluate a logistics network that takes advantage of Chilean infrastructure. Our ports and transport operators can play an important role, provided they offer competitive conditions and there is effective coordination. That relationship already has a foundation. According to ProChile, Argentina was the fifth destination for our exports of goods and services for mining in 2025. There, in my view, lies a significant opportunity. Chile exports minerals, but also knowledge. Decades of large-scale mining have produced professionals and companies capable of operating under demanding conditions, improving processes, and solving complex problems. We know that behind every operation there is a network of capabilities whose value extends far beyond the deposit itself. However, we still have a significant gap. The latest survey by the Undersecretariat of International Economic Relations (Subrei) and ProChile shows that only 639 of the 8,428 supplier companies were exporting in 2023, and among SMEs the proportion drops to just 6.3%. The challenge, then, is to push more companies to project their experience into other markets. The participation of nearly thirty Chilean companies in this year's Expo San Juan Minera is an encouraging sign. This task takes on special relevance at a time of difficulties for our economy. With an economy that needs to regain dynamism and unemployment at 9.6% for the June-August quarter, we must seek new opportunities for growth and employment. Internationalizing suppliers can diversify their revenues, stimulate innovation, and expand demand for specialized talent. Strengthening our mining and extending the reach of its supply chain are complementary goals. To move forward, a public-private agenda is needed to support suppliers, especially SMEs in mining regions. Reaching another market requires financing, certifications, information, and commercial networks. It also involves improving connectivity, particularly regarding border crossings and customs coordination. The mountain range we share can bring our economies closer together. Turning Argentina's mining momentum into a shared opportunity requires vision, collaboration, and concrete decisions. Argentina can find capabilities that contribute to the development of its projects, and Chile can find new markets for its companies and expertise. We have the potential to transform decades of mining knowledge into development for both countries, and seizing it can be part of our growth strategy. By Josefina Monenegro, lawyer and company director. NEWSLETTEROpinionSaturday, AMTense ideas, opposing views, and clear analysis: elements to uncover the issues that divide opinions and will set the agenda. By subscribing, you are accepting the Terms and Conditions and Privacy Policies of La Tercera.