<\!-- ECONOMIC REPORT MARCH 2026 -->
Tariffs and Costs in Focus: Northern Argentina Aims for a 2026 of Mining Consolidation and Investment
Monthly analysis prepared by C&A Integral Consulting · northern Argentina, Argentina
<!-- KEY INDICATORS -->
<\!-- EXECUTIVE SUMMARY -->
📋 Resumen Ejecutivo
March 2026 replicates the pattern observed in March 2025: the semi-annual tariff adjustment pushes the CPI to 3.11% (3-monthly inflation rate), temporarily breaking the disinflationary trend. However, the context is substantially better than a year ago: inflation expectations are anchored, the exchange market remains stable within the band, and core inflation remains below 2.51% (3-month inflation rate). For northern Argentina, March is the month of agricultural foreign exchange earnings: the soybean harvest in the Chaco region of Salta and Jujuy, along with continued mining exports, pushes the Central Bank's reserves to a new yearly high.
<\!-- INFLATION TREND -->
📊 Evolución de la Inflación Mensual — Últimos 13 Meses
| Month | Monthly CPI | Display | Comparison |
|---|---|---|---|
| March 2025 | 3,7% | Rates 2025 | |
| Apr 2025 | 3,0% | ||
| May 2025 | 3,2% | ||
| June 2025 | 2,7% | ||
| Jul 2025 | 2,5% | ||
| Aug 2025 | 2,4% | ||
| Sep 2025 | 2,8% | ||
| Oct 2025 | 2,5% | ||
| Nov 2025 | 2,3% | ||
| Dec 2025 | 2,7% | ||
| Jan 2026 | 2,4% | ||
| Feb 2026 | 2,2% | Minimum bimonthly | |
| ✔ Mar 2026 | 3,1% | Tariff effect |
Source: INDEC – National CPI. Prepared by C&A Integral Consulting.
<\!-- MINING SECTOR northern Argentina -->
⛏️ sector minero del norte argentino: Análisis y Perspectivas
March 2026 marks the start of the new mining exploration season in northern Argentina. The Sal de Oro lithium project begins its feasibility studies with an investment of USD 95 million, while the first export from the Taca-Taca copper project is projected for Q4 2026.
| Mineral | Exports 2026 (approx.) | Var. ia. | Perspective |
|---|---|---|---|
| Lithium (carbonate) | USD 120M+ | +15% | ▲ Expansion |
| Borates | USD 18M | +3% | → Stable |
| Lead/Zinc (Jujuy) | USD 29M | +9% | ▲ Expansion |
| Oil and Gas | USD 75M | +6% | ▲ Expansion |
Source: INDEC – Foreign Trade Statistics. Provincial Mining Secretariats. Prepared by the author.
<\!-- NORMATIVE CONTEXT -->
⚡ Novedades Normativas y Tributarias — Marzo 2026
| Body | Regulations / Resolution | Impact on companies | Relevance |
|---|---|---|---|
| ARK | RG 5701/2026: update of the simplified export regime for SMEs | Exporting companies with revenue <USD 2M acceden a trámite simplificado | HIGH |
| UIF | Resolution 15/2026: new procedures manual for the mining sector | It incorporates FATF 2025 standards and specific protocols for lithium and copper | CRITICISM |
| BCRA | Semi-annual review of exchange rate bands: upward adjustment of limits | New band: $1.200–$1.600. Market operates near the floor | HIGH |
| northern Argentina | Decree: Approval of the Strategic Mining Plan 2026–2030 | Roadmap for 15 new mining projects and 12,000 direct jobs | AVERAGE |
Source: Official Gazette, UIF resolutions, BCRA and provincial Ministries of Finance. Prepared by the author.
<\!-- PERSPECTIVES -->
🔭 Perspectivas para Abril 2026
- Reserves at year's highest level due to harvest
- 2026 inflation target: on track for 20%
- Mining Plan 2026-2030: Investment Certainty
- Credit at positive and falling real interest rates
- The tariff effect may last 2 months
- Collective bargaining: negotiations underway
- External debt: maturities Q2 2026
- Lithium price: global market tracking
<\!-- CTA -->
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This report was prepared using data from INDEC, BCRA, the Ministry of Economy, provincial Mining Secretariats, and sector-specific sources. The data reflects information available as of the end of March 2026. C&A Integral Consulting is not responsible for decisions made solely based on this report.
