Argentina says domestic mining sector offers 'low hanging fruit'

Following years of underinvestment and changes introduced by the pro-business government of President Mauricio Macri, Argentina is a "low-hanging fruit" for the mining industry, said mining undersecretary Juan Miguel Biset.

"Argentina has been passed over by investors in the strong [mining] development that has taken place across the region. But we want to catch up, we've identified mining as one of the main opportunities for economic development in Argentina," Biset said earlier this week at the Mining Cumbre event in Chilean capital Santiago.

Biset said there are a number of changes at the macroeconomic level that have been changed under Macri that benefits the mining industry, including the lifting of currency controls and the elimination of a burdensome 5-10% tax on mining export revenues and the restriction of taking profits out of the country.

Last month a new federal mining agreement was signed between the federal government and 19 of Argentina's 23 provinces.

Macri's government is seeking to double investment in the mining sector to US$25bn in eight years.

"We have a great opportunity. We're a low hanging fruit with significant resources that are untapped," Biset said.