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MarketLine Industry Profile
Metals & Mining in

Argentina
October 2018
Reference Code: 0073-2106
Publication Date: October 2018
WWW.MARKETLINE.COM
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Argentina - Metals & Mining 0073 - 2106 - 2017
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EXECUTIVE SUMMARY
Market value
The Argentine metals & mining industry grew by 13.6% in 2017 to reach a value of $7,385.7 million.
Market value forecast

In 2022, the Argentine metals & mining industry is forecast to have a value of $8,840.6 million, an increase of 19.7%
since 2017.
Market volume
The Argentine metals & mining industry grew by 13.1% in 2017 to reach a volume of 8,638.5 thousand ton.
Market volume forecast

In 2022, the Argentine metals & mining industry is forecast to have a volume of 12,347.6 thousand ton, an increase of
42.9% since 2017.
Category segmentation
Iron & steel is the largest segment of the metals & mining industry in Argentina, accounting for 41% of the industry's total
value.
Geography segmentation
Argentina accounts for 2.2% of the Americas metals & mining industry value.
Market rivalry
The metals and mining industry has a significant number of companies and generates substantial revenue. Top players
represent the highest revenue in the industry and have significant influence within the mining sector. Rivalry is therefore
high.

TABLE OF CONTENTS
Executive Summary......................................................................................................................................................... 2
Market value ................................................................................................................................................................ 2
Market value forecast .................................................................................................................................................. 2
Market volume ............................................................................................................................................................. 2
Market volume forecast ............................................................................................................................................... 2
Category segmentation ............................................................................................................................................... 2
Geography segmentation ............................................................................................................................................ 2
Market rivalry ............................................................................................................................................................... 2
Market Overview.............................................................................................................................................................. 7
Market definition .......................................................................................................................................................... 7
Market analysis............................................................................................................................................................ 7
Market Data ..................................................................................................................................................................... 9
Market value ................................................................................................................................................................ 9
Market volume ........................................................................................................................................................... 10
Market Segmentation .................................................................................................................................................... 11
Category segmentation ............................................................................................................................................. 11
Geography segmentation .......................................................................................................................................... 12
Market Outlook .............................................................................................................................................................. 13
Market value forecast ................................................................................................................................................ 13
Market volume forecast ............................................................................................................................................. 14
Five Forces Analysis ..................................................................................................................................................... 15
Summary ................................................................................................................................................................... 15
Buyer power .............................................................................................................................................................. 17
Supplier power........................................................................................................................................................... 19
New entrants ............................................................................................................................................................. 21
Threat of substitutes .................................................................................................................................................. 23
Degree of rivalry ........................................................................................................................................................ 25
Leading Companies....................................................................................................................................................... 27

Barrick Gold Corp ...................................................................................................................................................... 27
Glencore Plc .............................................................................................................................................................. 30
Goldcorp Inc .............................................................................................................................................................. 33
Yamana Gold Inc....................................................................................................................................................... 36
Macroeconomic Indicators............................................................................................................................................. 39
Country data .............................................................................................................................................................. 39
Methodology .................................................................................................................................................................. 41
Industry associations ................................................................................................................................................. 42
Related MarketLine research .................................................................................................................................... 42
Appendix........................................................................................................................................................................ 43
About MarketLine ...................................................................................................................................................... 43

LIST OF TABLES
Table 1: Argentina metals & mining industry value: $ million, 2013–17 ..........................................................................9
Table 2: Argentina metals & mining industry volume: thousand ton, 2013–17..............................................................10
Table 3: Argentina metals & mining industry category segmentation: $ million, 2017 ..................................................11
Table 4: Argentina metals & mining industry geography segmentation: $ million, 2017 ...............................................12
Table 5: Argentina metals & mining industry value forecast: $ million, 2017–22 ..........................................................13
Table 6: Argentina metals & mining industry volume forecast: thousand ton, 2017–22................................................14
Table 7: Barrick Gold Corp: key facts............................................................................................................................ 27
Table 8: Barrick Gold Corp: key financials ($) ...............................................................................................................28
Table 9: Barrick Gold Corp: key financial ratios ............................................................................................................28
Table 10: Glencore Plc: key facts.................................................................................................................................. 30
Table 11: Glencore Plc: key financials ($) .....................................................................................................................31
Table 12: Glencore Plc: key financials (CHF)................................................................................................................31
Table 13: Glencore Plc: key financial ratios ..................................................................................................................31
Table 14: Goldcorp Inc: key facts .................................................................................................................................. 33
Table 15: Goldcorp Inc: key financials ($) .....................................................................................................................34
Table 16: Goldcorp Inc: key financial ratios...................................................................................................................34
Table 17: Yamana Gold Inc: key facts........................................................................................................................... 36
Table 18: Yamana Gold Inc: key financials ($)..............................................................................................................37
Table 19: Yamana Gold Inc: key financial ratios ...........................................................................................................37
Table 20: Argentina size of population (million), 2013–17.............................................................................................39
Table 21: Argentina gdp (constant 2005 prices, $ billion), 2013–17 .............................................................................39
Table 22: Argentina gdp (current prices, $ billion), 2013–17.........................................................................................39
Table 23: Argentina inflation, 2013–17.......................................................................................................................... 40
Table 24: Argentina consumer price index (absolute), 2013–17 ...................................................................................40
Table 25: Argentina exchange rate, 2013–17 ...............................................................................................................40

LIST OF FIGURES
Figure 1: Argentina metals & mining industry value: $ million, 2013–17 .........................................................................9
Figure 2: Argentina metals & mining industry volume: thousand ton, 2013–17 ............................................................10
Figure 3: Argentina metals & mining industry category segmentation: % share, by value, 2017..................................11
Figure 4: Argentina metals & mining industry geography segmentation: % share, by value, 2017...............................12
Figure 5: Argentina metals & mining industry value forecast: $ million, 2017–22 .........................................................13
Figure 6: Argentina metals & mining industry volume forecast: thousand ton, 2017–22...............................................14
Figure 7: Forces driving competition in the metals & mining industry in Argentina, 2017 .............................................15
Figure 8: Drivers of buyer power in the metals & mining industry in Argentina, 2017 ...................................................17
Figure 9: Drivers of supplier power in the metals & mining industry in Argentina, 2017 ...............................................19
Figure 10: Factors influencing the likelihood of new entrants in the metals & mining industry in Argentina, 2017 .......21
Figure 11: Factors influencing the threat of substitutes in the metals & mining industry in Argentina, 2017.................23
Figure 12: Drivers of degree of rivalry in the metals & mining industry in Argentina, 2017 ...........................................25
Figure 13: Barrick Gold Corp: revenues & profitability ..................................................................................................29
Figure 14: Barrick Gold Corp: assets & liabilities ..........................................................................................................29
Figure 15: Glencore Plc: revenues & profitability ..........................................................................................................32
Figure 16: Glencore Plc: assets & liabilities ..................................................................................................................32
Figure 17: Goldcorp Inc: revenues & profitability...........................................................................................................35
Figure 18: Goldcorp Inc: assets & liabilities...................................................................................................................35
Figure 19: Yamana Gold Inc: revenues & profitability ...................................................................................................38
Figure 20: Yamana Gold Inc: assets & liabilities ...........................................................................................................38

MARKET OVERVIEW
Market definition
The metals & mining industry consists of the aluminum, iron & steel, precious metals & minerals, coal and base metal
markets.
In the aluminum market, only production of primary aluminum is considered. Recycled aluminum is not included within
this report. The market is valued at manufacturer's selling price (MSP).
The base metals market consists of lead, zinc, copper, nickel and tin. The market has been valued as total primary metal
production at annual average prices.
The coal market measures primary coal production, including anthracite, bitminous, and lignite. The market is valued at
producers price.
The iron & steel market consists of the production of crude steel, blast furnace (pig) iron and direct reduced iron. Market
values have been calculated using annual average steel and iron prices.
The precious metals & minerals market includes gold, silver, platinum, palladium, rhodium and industrial and gem-quality
diamonds. The market is valued using total annual mining production volumes and annual average prices.
Any currency conversions used in this report have been calculated using constant annual 2017 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific, Middle
East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Argentinian metals and mining industry declined in 2015 and 2016 due to the anti-mining policies and low steel
prices. However, new government policies have encouraged growth more recently and this will continue over the
forecast period.
The Argentinian metals and mining industry had total revenues of $7.4bn in 2017, representing a compound annual rate
of change (CARC) of -3.6% between 2013 and 2017. In comparison, the US and Mexican industries declined with
CARCs of -3.3% and -2.3% respectively, over the same period, to reach respective values of $145.9bn and $29.8bn in
2017.
There was a 22.8% decline in 2015 as global steel prices fell after cheap exports from China were dumped on the
market.
Production volumes declined with a CARC of -3.7% between 2013 and 2017, to reach a total of 8.6 million ton in 2017.
However, volume is expected to rise to 12.3 million ton by the end of 2022, representing a compound annual growth rate
(CAGR) of 7.4% over 2017–2022.

Volumes declined significantly with the 5% tax on mining exports and companies being banned from sending profits to
foreign headquarters. This discouraged foreign investment in Argentinian mines. In 2016, these policies were scrapped
following the election of President Mauricio Macri. In 2017, there was strong 13.1% growth following increased demand
as there was a rush to beat the implementation of tariffs on steel and aluminum imported into the US.
The iron and steel segment was the industry’s most lucrative in 2017, with total revenues of $3.0bn, equivalent to 41% of
the industry’s overall value. The precious metals segment contributed revenues of $3.0bn in 2017, equating to 40.8% of
the industry’s aggregate value.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 3.7% over 2017–2022, which is
expected to drive the industry to a value of $8.8bn by the end of 2022. Comparatively, the US industry will decline with a
CARC of -0.3%, and the Mexican industry will increase with a CAGR of 1.4%, over the same period, to reach respective
values of $143.5bn and $31.9bn in 2022.

MARKET DATA
Market value
The Argentine metals & mining industry grew by 13.6% in 2017 to reach a value of $7,385.7 million.
The compound annual rate of change of the industry in the period 2013–17 was -3.6%.
Table 1: Argentina metals & mining industry value: $ million, 2013–17
Year $ million ARS million € million % Growth

2013 8,562.9 142,040.0 7,545.8
2014 8,905.9 147,729.4 7,848.0 4.0%
2015 6,872.5 114,000.2 6,056.2 (22.8%)
2016 6,503.1 107,871.7 5,730.6 (5.4%)
2017 7,385.7 122,512.6 6,508.4 13.6%
CAGR: 2013–17 (3.6%)
SOURCE: MARKETLINE MARKETLINE
Figure 1: Argentina metals & mining industry value: $ million, 2013–17

Market volume
The Argentine metals & mining industry grew by 13.1% in 2017 to reach a volume of 8,638.5 thousand ton.
The compound annual rate of change of the industry in the period 2013–17 was -3.7%.
Table 2: Argentina metals & mining industry volume: thousand ton, 2013–17
Year thousand ton % Growth

2013 10,063.2
2014 10,634.7 5.7%
2015 9,600.8 (9.7%)
2016 7,638.2 (20.4%)
2017 8,638.5 13.1%
CAGR: 2013–17 (3.7%)
Figure 2: Argentina metals & mining industry volume: thousand ton, 2013–17

MARKET SEGMENTATION
Category segmentation
Iron & steel is the largest segment of the metals & mining industry in Argentina, accounting for 41% of the industry's total
value.
The Precious metals segment accounts for a further 40.8% of the industry.
Table 3: Argentina metals & mining industry category segmentation: $ million, 2017
Category 2017 %
Iron & Steel 3,030.4 41.0%
Precious Metals 3,014.2 40.8%
Aluminum 887.0 12.0%
Base Metals 452.7 6.1%
Coal 1.3 0.0%
Total 7,385.6 99.9%
Figure 3: Argentina metals & mining industry category segmentation: % share, by value, 2017

Geography segmentation
Argentina accounts for 2.2% of the Americas metals & mining industry value.
The United States accounts for a further 43% of the Americas industry.
Table 4: Argentina metals & mining industry geography segmentation: $ million, 2017
Geography 2017 %
United States 145,923.1 43.0
Brazil 44,934.6 13.2
Mexico 29,800.4 8.8
Argentina 7,385.7 2.2
Rest of the Americas 111,675.4 32.9
Total 339,719.2 100.1%
Figure 4: Argentina metals & mining industry geography segmentation: % share, by value, 2017

MARKET OUTLOOK
Market value forecast
In 2022, the Argentine metals & mining industry is forecast to have a value of $8,840.6 million, an increase of 19.7%
since 2017.
The compound annual growth rate of the industry in the period 2017–22 is predicted to be 3.7%.
Table 5: Argentina metals & mining industry value forecast: $ million, 2017–22
Year $ million ARS million € million % Growth

2017 7,385.7 122,512.6 6,508.4 13.6%
2018 7,989.8 132,532.5 7,040.7 8.2%
2019 7,881.8 130,742.5 6,945.6 (1.4%)
2020 8,211.7 136,214.0 7,236.3 4.2%
2021 8,480.8 140,678.3 7,473.5 3.3%
2022 8,840.6 146,646.7 7,790.5 4.2%
CAGR: 2017–22 3.7%
Figure 5: Argentina metals & mining industry value forecast: $ million, 2017–22

Market volume forecast
In 2022, the Argentine metals & mining industry is forecast to have a volume of 12,347.6 thousand ton, an increase of
42.9% since 2017.
The compound annual growth rate of the industry in the period 2017–22 is predicted to be 7.4%.
Table 6: Argentina metals & mining industry volume forecast: thousand ton, 2017–22
Year thousand ton % Growth

2017 8,638.5 13.1%
2018 10,031.3 16.1%
2019 10,304.3 2.7%
2020 11,002.6 6.8%
2021 11,794.7 7.2%
2022 12,347.6 4.7%
CAGR: 2017–22 7.4%
Figure 6: Argentina metals & mining industry volume forecast: thousand ton, 2017–22

FIVE FORCES ANALYSIS
The metals & mining market will be analyzed taking companies engaged in primary metal production and mining as
players. The key buyers will be taken as industrial consumers, and producers of equipment, it providers, and suppliers of
raw materials as the key suppliers.
Summary
Figure 7: Forces driving competition in the metals & mining industry in Argentina, 2017
The metals and mining industry has a significant number of companies and generates substantial revenue. Top players
represent the highest revenue in the industry and have significant influence within the mining sector. Rivalry is therefore
high.
Industry players often enter into joint venture arrangements in order to enter a market or expand into new areas; such
agreements also help with capital intensity, risk mitigation, accessing resources and technology, supply chain
optimization, market positioning, regulatory requirements or political sensitivities.
The metals and mining industry closely follows global economic conditions. Reserves of metals are mined for profit and
used in a variety of industries. Metals have a wide range of uses and extraction increases as market demand grows.
Industrial use increases proportionally with economic growth and activity, while a slowing economy typically increases
the use of precious metals for investment purposes. The metals and mining industry relies on other industries to continue
to find new uses for metals and minerals and support the continued need for mining.
Environmental concerns have led some countries to decrease mining activities, coal production in particular. However,
many others, especially developing nations, rely heavily on increasing coal production to sustain continued economic
growth.
The mining industry faces several challenges that increase the difficulty involved in developing and expanding mining
activity. These include access to financing, productivity challenges, and price volatility, amongst others. As commodity
prices continue to hit historically low levels, mining companies are struggling to adjust. Government regulation,
environmental challenges and other issues add to the cost of mining and complicate new operations.

In the current economic environment, securing funding and credit terms is proving particularly challenging. Trade and
debt financing is extended only to those companies with sufficient security and at an increased cost.

Buyer power
Figure 8: Drivers of buyer power in the metals & mining industry in Argentina, 2017
Metals and coal are widely used and have multiple applications. Buyers represent various industries, primarily
comprising automotive, construction and engineering companies that utilize metals in the production of their goods. The
aerospace industry is a key buyer of aluminum (and also specialty steels). Power generation companies are major
buyers of coal. Palladium can be used in catalytic converters, jewelry, dental applications, and electronic components for
computers and cellular telephones. Demand for silver is largely for industrial applications. The importance and necessity
of these products to buyers undermines their influence in the market.
The Argentinian metals and mining industry was dominated by precious metals and iron and steel segments, which
accounted for 40.8% and 41% of the total value respectively in 2017. Buyers are typically large companies, with a certain
degree of financial muscle, meaning companies can negotiate and enter into long-term contracts with players, increasing
buyer power. Mining companies may sell refined products directly to end-users through bilateral contracts, or to dealers
and traders of these commodities. The use of long term contracts can impose switching costs on buyers, reducing their
power slightly.
Individual precious metal producers have little power to control the global price of the metals, which depends on factors
such as global supply, demand, investors’ speculative actions, and so on. These same factors strengthen buyer power.
However, bilateral contracts with end-users can include negotiated floor and ceiling prices for metals, which protects
players from low prices, and buyers from high prices.
Goods such as metals or coal are commoditized, required to meet accepted quality criteria, so there is a low level of
product differentiation in this industry. Players tend to differentiate themselves by focusing on added-value, specialty
products, especially when selling in more mature markets. The absence of a unique product and limited potential for
product differentiation strengthens buyers’ power.
There is little chance of backward integration of buyers into the production of metals, as it requires extensive startup
costs and specialist knowledge. Players may, however, integrate forward into certain businesses, such as engineered
products. Steel manufacturers, for instance, may sell fabricated items, as well as simple sheets, rods, or wire, among
other commodities, whilst coal mining companies can enter the power generation industry. It is not uncommon for
companies selling base metals to use the commodities in their own operations. Glencore, for example, offers chemicals
such as vanadium pentoxide, as a by-product of its operations.

Buyer power in terms of precious metals, the most lucrative segment of the metals and mining industry in Argentina, has
improved with the opening of a new mine in Macizo del Deseado by Minera Don Nicolas. Activity in this area will help
the industry gain value and, with increased production, improve buyer power by creating more places for buyers to
source products from.
Overall, buyer power is assessed as moderate.

Supplier power
Figure 9: Drivers of supplier power in the metals & mining industry in Argentina, 2017
Manufacturers in the metals and mining industry are extremely sensitive to shifts in their cost base, particularly during
economic recovery. Increased demand is not enough for companies to impose a price rise. Moreover, a significant
increase in costs will further strain companies’ cash flow positions and financial requirements, which already pose a risk
to a strong upturn.
Although some players rely on raw material producers, many are vertically integrated and provide their own raw
materials; the bargaining power of suppliers is low in the case of vertically-integrated steel companies, for instance, as
these players have their own mines of key raw materials, such as iron ore and coal. This strategy reduces a company’s
dependence on third-party suppliers and offers additional revenue streams if the raw materials can be sold to other
companies. Potential for backward integration such as this weakens supplier power and also mitigates the lack of viable
substitutes. However, it does require significant capital.
Companies only involved in mining tend to solely focus on providing raw materials, and thus have suppliers in terms of
equipment, IT, labor, and so on. However, they must ensure adequate reserves due to the finite nature of their
resources. Mining companies view their ore reserves as key assets, and gaining access to land on which they can
establish mining operations is vital. This may involve negotiating with private landowners or government agencies. It is
common for mining companies to pay royalties on their production – this is similar to the cost of sales, as it is usually
calculated as a percentage of the company’s metal revenues or production value.
A number of leading players have employed alternative safeguarding measures by looking to pursue mine investments
as the rising cost of raw materials put pressure on margins. This backward integration is a much forayed strategy by
steel companies.
In general, supplier power is weakened as the metals and mining industry is integral to supplier revenue. Mining
equipment, for example, is so specialized that manufacturers would find it difficult to sell to any customer outside the
industry. The quality and availability of raw materials is essential to the efficient operation of the metals and mining
industry. Consequently, concerns about the future availability and cost of inputs in metals production could affect the
industry dramatically, placing more power in the hands of suppliers.

As the production of various metals is highly energy intensive, players are likely to have long-term contracts with
suppliers of electrical power or fuel; suppliers of this sort tend to be large companies and are few in number. This means
that suppliers are in a more powerful position, as players are often not at liberty to choose their supplier. However,
vertically-integrated players have less reliance upon energy providers as it generates its own hydroelectric power.
Owners of plants tend to be financially secure, meaning that they can enter into long-term contracts with electricity
companies and therefore negotiate favorable tariffs, which weaken supplier power.
Employees are also vital in this market, as the rising sophistication of mining created an ongoing need for a highly skilled
workforce. Because of the cyclical, long-term nature of mining, the industry must compete for highly skilled people at all
times, even when markets slump and activities slow down. Labor costs, associated with training and attracting much-
needed skilled employees, remain a major concern.
Overall, supplier power in this industry is moderate.

New entrants
Figure 10: Factors influencing the likelihood of new entrants in the metals & mining industry in
Argentina, 2017
Companies in the metals and mining industry tend to strengthen their position via integration or mergers and acquisitions
(M&A), resulting in lower production costs and expansion into new markets. To enter the industry and make ground
against incumbents that are supported by scale economies it is necessary to integrate. This trend takes smaller and
weaker companies out of the industry and lowers the risk of newcomers. Industry players often enter into joint ventures
in order to enter a market or expand into new areas; such agreements help with capital intensity, risk mitigation,
accessing resources and technology, supply chain optimization, market positioning, regulatory requirements or political
sensitivities.
Many of the most important mining countries in terms of mineral production are emerging economies, often found south
of the equator. South America, Africa and parts of Asia have seen large investments in recent years. This is likely to
intensify going forward, as easily accessible mineral deposits in Europe and the US are being depleted whilst
technological developments have provided access to previously inaccessible deposits in remote, less developed regions.
Conversely, smelter and refinery production sites are primarily located in developed countries, although this balance has
already started to change with, for instance, the quick growth of Chinese production of refined copper and aluminum.
It is possible to enter some segments of this industry on a small scale, including artisanal production. For example,
artisanal diamond mining (a labor-intensive, non-mechanized process of sifting through alluvial deposits to find
diamonds) is said to account for 90% of Sierra Leone's diamond exports, and is also a common method in the
Democratic Republic of Congo.
Costs in this industry are high as expenditure is primarily on transportation and energy which have both seen price hikes
in recent years. Metal mining and processing requires large capital outlay (blast furnaces, basic oxygen converters,
rolling mills, and transportation infrastructure to name a few) in order to deliver high volumes of raw materials. This
discourages newcomers with insufficient capital.
The volatility of global metal prices remains a risk factor to companies wishing to enter the industry. Metal prices tend to
reflect multiple factors, such as reserves, supply, demand from several end-user sectors, and commodity investment
activities (including speculation). Successful new entrants must have a business robust enough to survive slower
increases and downturns in prices.

The formal mining industry operates under legal and fiscal frameworks linked together by various national, regional and
commodity-focused associations and bodies committed to representing the industry, protecting its interests, and
improving performance. Environmental compliance and remediation increases capital requirements and operating costs.
The metals and mining industry faces increasingly stringent environmental regulations and companies are under
pressure to develop cleaner and more efficient technologies. This is notable with the introduction of new legislations
relating to the disposal of extractive waste. Violation of such regulations can lead to stringent financial penalties,
threatening margins, and now include criminal penalties in some jurisdictions. In 2014, the government lifted exports
restrictions on metals. In 2016, a 5% tax imposed by the previous administration on mining and energy companies was
revoked. This should ultimately lead to lower costs and greater sales, also in metals and mining industry and this could
attract new players.
During a major conservation summit in 2016, a proposal was put forward by Iran, the Czech Republic, the Philippines
and several other countries, calling for “all states to ban marine disposal of mine tailings for new mines as soon as
possible, and to plan a stop to ongoing marine disposal sites.” Almost all of the 53 countries participating voted in favor
of an international ban, including big mining nations China and Russia. Only Norway and Turkey have opposed the
international community, voting against it. The proposal will still pass despite the two votes against, but is not legally
binding.
The prospect of new entrants has been boosted by the passing of an act which aims to create 125,000 new jobs in
mining. The Argentinian Federal Government and Governors of 20 out of 23 provinces have signed a long-awaited
mining deal that harmonizes taxes and regulations in a move to jump-start investments in the industry. Predictions state
up to $25bn in foreign investment over the next eight years will be ploughed into the mining industry. President Macri
helped the industry in February last year when he scrapped the 5% tax on mining and energy companies.
The industry in Argentina is forecast to continue growing from 2018 onwards, following the strong recovery in 2017,
aided by what are believed to be plentiful reserves of natural resources. Experts estimate there is $400bn worth of
untapped mineral resources underground in Argentina. If conditions are created whereby business confidence is
maintained, the industry will thrive. The decision to revoke the prohibition on companies sending profits out of Argentina
will also attract companies to the country. Improved business conditions and President Macri’s decision to overturn many
laws that previously harmed economic development will encourage new entrants to enter the industry.
The threat from newcomers is assessed as weak.

Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the metals & mining industry in
Argentina, 2017
Metals are elements and, as such, have for the most part the potential to be indefinitely recycled. While some materials
can replace and substitute metals, the economies of scale that can be achieved in the production of metals give them a
significant advantage.
Different metals can also be used as substitutes for each other; composites, for instance, can be used as a substitute for
aluminum in aircraft fuselages and wings, whilst glass, paper, plastics, and steel can be used instead of aluminum in
packaging. Aluminum can also be substituted by magnesium, titanium, and steel for ground transportation and structural
uses, and composites, steel, vinyl, and wood for construction. Though copper is a common metal with high conductivity,
and is well-suited for use in electrical application, aluminum can also be used as a substitute here.
Similarly, in most applications steel competes either with less expensive non-metallic materials, or with more expensive
materials that have a performance advantage, namely aluminum and plastics in the motor vehicle industry; aluminum,
concrete, and wood in construction; and aluminum, glass, paper, and plastics in packaging manufacturing. Aluminum or
less-common materials such as fiberglass (glass-reinforced plastic) can be especially advantageous in the automotive
industry, where manufacturers are looking to use lighter materials.
Substitutes for precious metals depend on the application. With regard to jewelry production, metals such as gold, silver
and platinum can be seen as substitutes of each other. In jewelry applications, gems and synthetic gems can also act as
substitutes. There are also a number of alloys used to imitate gold in jewelry, such as copper and tin, copper and
aluminum, and copper and zinc (Dutch metal). In terms of catalytic converters, there are few substitutes for precious
metals such as platinum, as the specific physical and chemical properties of these metals are needed. There may be
some partial substitutes for industrial diamonds used as abrasives, such as silicon carbide. With respect to the
application of gold, it is difficult to find another metal with comparable properties of malleability, ductility, reflectivity,
resistance to corrosion and ability as a thermal and electrical conductor.
The benefits of substitution may include improvements in fuel consumption, a reduction in manufacturing costs, and
some plastics are as recyclable as steel. Furthermore, metals such as steel can corrode, whereas reinforced plastic is
more durable.

However, not all buyers will replace metals with these alternatives, as they do not provide all of the same properties and
are hardly direct substitutes. Using them would require the substantial re-tooling of an assembly line. Thus, although the
price of alternatives may be favorable in some market conditions, switching costs are likely to be very high. For example,
coal has several substitutes in the power generation market – oil, gas, or nuclear fuels, among others. However, while
power companies can alter the primary energy mix to a small extent without incurring considerable costs, a complete
transition to these substitutes would require investments in different generation facilities, which translates to a very high
switching cost.
The threat of substitutes is assessed as weak, but may increase in the future, driven by rising ecological concerns and
limited metal resources.

Degree of rivalry
Figure 12: Drivers of degree of rivalry in the metals & mining industry in Argentina, 2017
The metals and mining industry is quite complex, with large publicly-traded and state-owned companies operating next to
mid-sized players and, in some cases, artisanal firms. Global giants employ the majority of the industry's workforce and
set criteria for the size of deposits that interest them, preferring projects with a lifespan of at least 20 years. As demand
continues, it is likely that mid-sized companies will become more important in taking on rejected but still viable projects.
There is, however, a shortage of these mid-size companies, which could hamper further growth in the medium-term.
Metal, as a commodity, is difficult to strongly diversify. However, different customers may require different specifications
(consistency in physical properties or variations in strength and rigidity, for instance). Producers can therefore specialize
with regards to such specifications. This reduces the competitive scope, but also limits the size of their potential market.
The ability to diversify into different markets that rely on metals and minerals will ensure an advantage. For example,
Glencore operates in a multitude of commodity markets, ranging from various metals and ores to agriculture. A trend
towards the production of additional commodities consequently means there are several similar players fighting for the
same share of revenue.
Another strategy of players is to diversify mine locations to limit the impact of regional market forces. The benefits of this
are that different regions have different regulations and conditions affecting the market. For example, in 2018 South
Korean Posco bought lithium mining rights in Argentina from Galaxy Resources for $280m with the aim of securing
stable lithium supplies for its battery manufacturing affiliate, POSCO ES Materials.
The centrality of scale economies in the metal and coal industry favors larger companies, which means that deeper
consolidation through M&A is to be expected, especially in fragmented markets. Such consolidation reduces the number
of players and increases their size.
The cost of expansion is likely to be high, as it involves extensive exploration activities and the creation of new mines.
Significant output expansion can only be achieved over a period of years. In the current economic environment, securing
funding and credit terms is proving particularly challenging. Trade and debt financing is extended only to those
companies with sufficient security and at an increased cost.

Exit barriers are high, as many of the major tangible assets are highly specific to the industry, and thus harder to divest.
As a result, players are strongly motivated to remain in the industry even when conditions are difficult, boosting rivalry.
Furthermore, governments employ strategies, such as tariff subsidies or loans and import restrictions, to ensure that the
domestic market remains competitive. In some cases, these policies are also designed to facilitate the continued
operation of mines or production facilities that are no longer considered economically viable in order to prevent mass
unemployment caused by closures. This has allowed some local producers to continue operations even when better
quality, cheaper metal could be imported from another country. Such conditions raise exit barriers and intensify rivalry. In
Argentina, the government lifted exports restrictions in 2014.
Finally, as the industry is cyclical and highly affected by macroeconomic conditions, growth cannot always be sustained
and rivalry tends to increase, particularly in a declining market that is hard to exit.
The industry in Argentina declined again in 2016, primarily attributed to a fall in production, however, strong growth in
2017 offset the degree of rivalry to some extent.
Overall, rivalry is assessed as strong.

LEADING COMPANIES
Barrick Gold Corp
Table 7: Barrick Gold Corp: key facts
Suite 3700, P.O. Box 212, Brookfield Place, 161 Bay Street, Toronto,
Head office:
Ontario, CAN
Telephone: 1 800 7207415
Fax: 1 416 8612492
Website: www.barrick.com
Financial year-end: December
Ticker: ABX; ABX
Stock exchange: New York; Toronto
SOURCE: COMPANY WEBSITE MARKETLINE
Barrick Gold Corp (Barrick) is a leading global gold mining company engaged in the production and sale of gold and
copper, and other related activities such as exploration and mine development. The company has nine producing gold
mines located in Canada, the US, Peru, Argentina, Australia, the Dominican Republic and Papua New Guinea. The
copper business contains copper mines located in Chile and Zambia and a mine progressing through operational
readiness located in Saudi Arabia. Barrick also has projects located in South America and the US.
Barrick generates revenue through eight business segments: Pueblo Viejo, Barrick Nevada, Acacia, Veladero, Lagunas
Norte, Turquoise Ridge, Other Mines and Pascua-Lama.
Barrick Nevada is an integrated gold mining operation that combines the Cortez and Goldstrike properties in Nevada.
The operation utilizes both open pit and underground mining methods and has a range of processing facilities including
heap leaching, roasting, autoclaving, conventional leaching and thiosulfate leaching.
Pueblo Viejo is located in the Dominican Republic and is operated by the Pueblo Viejo Dominicana Corporation, a joint
venture between Barrick (60%) and Goldcorp (40%).
Lagunas Norte is located on the Alto Chicama property in north-central Peru. The property lies on the western flank of
the Peruvian Andes and is at an elevation of 4,000 to 4,260 meters above sea level. It's an open-pit, crush, valley-fill
heap leach operation.
The Turquoise Ridge property is located in the Potosi Mining District, near Winnemucca, Nevada. Barrick is the operator
and 75% owner of the mine with Newmont owning the remaining 25%. Turquoise Ridge uses underhand cut-and-fill
mining methods and ore is transported to Newmont's Twin Creeks mill for processing. The refractory gold ore is treated
by pressure oxidation technology and gold is recovered using conventional carbon-in-leach technology.
The company holds a 63.9% equity interest in Acacia Mining plc (Acacia), formerly African Barrick Gold plc. Acacia's
gold mines of Bulyanhulu and Buzwagi produce both gold ore and gold concentrate. Acacia's operations consist of its
Bulyanhulu mine, its North Mara mine and its Buzwagi mine, all located in Tanzania.
The Pascua-Lama segment, located on the border between Chile and Argentina, is one of the world’s largest
undeveloped gold and silver deposits. The company’s silver sale agreement with Silver Wheaton Corp. (Silver Wheaton)
required the delivery of 25% of the life of the mine’s silver production from the Pascua-Lama project once it is
constructed and 100% of silver from the Lagunas Norte, Pierina and Veladero mines until March 31, 2018.

Key Metrics
The company recorded revenues of $8,558 million in the fiscal year ending December 2016, a decrease of 5.2%
compared to fiscal 2015. Its net income was $655 million in fiscal 2016, compared to a net loss of $2,838 million in the
preceding year.
More recent financial information was not available for this company at the time of publication.
Table 8: Barrick Gold Corp: key financials ($)
$ million 2012 2013 2014 2015 2016

Revenues 14,394.0 12,527.0 10,239.0 9,029.0 8,558.0
Net income (loss) (665.0) (10,366.0) (2,907.0) (2,838.0) 655.0
Total assets 47,282.0 37,448.0 33,879.0 26,308.0 25,264.0
Total liabilities 25,437.0 23,915.0 23,632.0 19,130.0 17,329.0
SOURCE: COMPANY FILINGS MARKETLINE
Table 9: Barrick Gold Corp: key financial ratios
Ratio 2012 2013 2014 2015 2016

Profit margin (4.6%) (82.7%) (28.4%) (31.4%) 7.7%
Revenue growth 1.1% (13.0%) (18.3%) (11.8%) (5.2%)
Asset growth (3.3%) (20.8%) (9.5%) (22.3%) (4.0%)
Liabilities growth (0.3%) (6.0%) (1.2%) (19.1%) (9.4%)
Debt/asset ratio 53.8% 63.9% 69.8% 72.7% 68.6%
Return on assets (1.4%) (24.5%) (8.2%) (9.4%) 2.5%

Figure 13: Barrick Gold Corp: revenues & profitability
Figure 14: Barrick Gold Corp: assets & liabilities

Glencore Plc
Table 10: Glencore Plc: key facts
Head office: Baarermattstrasse 3, Baar, Zug, CHE

Telephone: 41 41 7092000
Fax: 41 41 7093000
Website: www.glencore.com
Ticker: GLEN; GLN
Stock exchange: London; Johannesburg
Glencore Plc (Glencore) is one of the largest diversified natural resource companies in the world. It supplies commodities
and raw materials including metals and minerals, crude oil and oil products, thermal coal and agricultural products to
industrial consumers. The company operates through a network of over 90 offices in 50 countries. It comprises over 150
mining and metallurgical sites, farms, agricultural facilities and offshore oil production assets.
Energy Products markets crude oil, oil products, steam coal and metallurgical coal. The company's crude oil and oil
products include fuel oil, heating oil, steam coal and metallurgical coal and coke. It sells crude oil and oil products, and
natural gas to oil companies, and industrial customers. The company has interests in 26 operating coal mines in
Australia, Colombia and South Africa. It sells coke and coal products to power plants, steel mills, and cement
manufacturing plants. The segment also has investments in coal mining and oil production operations, ports, vessels and
storage facilities.
Metals and Minerals produce and markets zinc, copper, lead, aluminum, ferroalloys, nickel, iron ore and cobalt. The
segment also markets by-products such as gold and silver and conducts smelting, refining, mining, processing and
storage related operations. The company’s major producing assets include Kazzinc, an integrated zinc, lead, copper,
and gold production facility in Kazakhstan; Mutanda and Katanga, copper and cobalt mines in the Democratic Republic
of Congo; Mopani, a copper and cobalt mine in Zambia; a copper mine in Chile; zinc mines in Bolivia; copper and gold
mines in Argentina and Australia.
Agricultural Products sells wheat, corn, barley, rice, oilseeds, meals, edible oils, biodiesel and sugar. The segment also
invests in farming, storage, handling, processing and port facilities. The company's processing asset portfolio includes
farming, oilseed crushing, biodiesel, sugarcane processing, wheat and rice milling. It caters to processing industry, local
importers and government purchasing entities.
Key Metrics
The company recorded revenues of $208,862 million in the fiscal year ending December 2017, an increase of 34.3%
compared to fiscal 2016. Its net income was $5,872 million in fiscal 2017, compared to a net income of $1,402 million in
the preceding year.

Table 11: Glencore Plc: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 236,529.1 224,716.6 173,307.0 155,468.8 208,862.5
Net income (loss) (7,524.0) 2,346.0 (5,045.8) 1,401.7 5,872.2
Total assets 157,485.5 154,713.5 130,602.6 126,653.6 137,827.7
Table 12: Glencore Plc: key financials (CHF)
CHF million 2013 2014 2015 2016 2017

Revenues 232,694.0 221,073.0 170,497.0 152,948.0 205,476.0
Net income (loss) (7,402.0) 2,308.0 (4,964.0) 1,379.0 5,777.0
Total assets 154,932.0 152,205.0 128,485.0 124,600.0 135,593.0
Table 13: Glencore Plc: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin (3.2%) 1.0% (2.9%) 0.9% 2.8%
Revenue growth 8.5% (5.0%) (22.9%) (10.3%) 34.3%
Asset growth 46.8% (1.8%) (15.6%) (3.0%) 8.8%
Liabilities growth 42.6% 1.8% (15.9%) (7.9%) 6.8%
Debt/asset ratio 65.7% 68.1% 67.9% 64.5% 63.3%
Return on assets (5.7%) 1.5% (3.5%) 1.1% 4.4%

Figure 15: Glencore Plc: revenues & profitability
Figure 16: Glencore Plc: assets & liabilities

Goldcorp Inc
Table 14: Goldcorp Inc: key facts
Head office: Suite 3400, 666 Burrard Street, Vancouver, British Columbia, CAN
Telephone: 1 604 696 3000
Website: www.goldcorp.com
Ticker: G; GG
Stock exchange: Toronto; New York
Goldcorp, Inc. (Goldcorp) is a gold mining company. It produces gold and conducts exploration on gold, silver, lead, zinc
and copper products. The company is also engaged in the exploration, development and acquisition of valuable metal
properties in Canada, the US, Mexico, and Central and South America.
Penasquito is an open pit mining operation located in northwest Mexico with two separate process facilities such as
flotation and grinding. The mine produces gold, silver, lead and zinc. It is a breccia pipe deposit which is developed from
intrusion-related hydrothermal activity.
The company is focused on developing a second open pit to gain access to gold and other metals and increase
production by 20% by 2021. It also aims to invest US$420 million to improve its processing facilities.
Cerro Negro is an underground operation which is in southern Argentina. The mine consists of low-sulphidation,
epithermal gold-silver deposits on an underexplored 250-square-kilometre land package, which is located near the
northwestern margin of the 60,000-square-kilometer Deseado Massif. It aims to convert resources to reserves and
focuses on expanding the known limits of the high-grade veins.
Pueblo Viejo is an open pit gold mine located in the Dominican Republic. The company owns 40% interest and Barrick
Gold Corporation (Barrick) holds the other 60% interest in Pueblo Viejo mine. Under the mine, the company produces
gold, silver and copper. It also operates a processing plant and a tailings storage facility.
Eleonore is an underground operation with one processing facility which is in Northern Quebec region, 800 kilometers
north of Montreal on the 52nd parallel. It focuses on updating the geological model of the orebody to maximize its value.
It also aims to complete a life of mine study to determine a sustainable mining rate.
Porcupine is in Timmins, Ontario, one of the world's great gold producing camps. The ore is processed at the Dome
processing facility using a circuit that includes crushing, gravity concentration, grinding, carbon in pulp recovery, cyanide
leaching, stripping, electrowinning and refining. It focuses on converting resources to reserves by adding resources from
known geological structures at Hoyle Pond. It also aims to develop a pipeline of open pit and underground opportunities
through a district scale study that contains various geological data layers, historical drill hole and mine data.
Musselwhite is an underground operation with one processing facility located in Ontario, Canada. The ore is mined from
two main zones below Lake Opapimiskan. It is processed onsite using a circuit that includes crushing, grinding, carbon in
pulp recovery, leaching by cyanidation, and electrowinning. The mine also includes 17,500 hectares of mine claims and
leases in the North Cariboo Greenstone Belt. It aims to generate a portfolio of district-wide targets by converting
resources to reserves.

Red Lake is located 180 kilometers north of Dryden about 100 kilometers from the Manitoba border in northwestern
Ontario, Canada. The mine includes Cochenour, a potential new source of ore, and the Red Lake and Campbell
underground mining and processing complexes. The ore is processed at the Campbell mill using a conventional crushing
and grinding circuit. It intends to continue the exploration drilling at Cochenour and focuses on completing a generative
study to develop a portfolio of targets. It also aims to drill and extend the deposit at depth at HG Young to improve and
upgrade the current resource by 2019.
Other includes Los Filos and Marlin mine. In FY2017, the company sold Los Filos mine to Leagold Mining Corporation
(Leagold) and closed the operations of its Marlin mine.
Key Metrics
The company recorded revenues of $3,423 million in the fiscal year ending December 2017, a decrease of 2.5%
compared to fiscal 2016. Its net income was $658 million in fiscal 2017, compared to a net income of $162 million in the
preceding year.
Table 15: Goldcorp Inc: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 3,687.0 3,436.0 4,375.0 3,510.0 3,423.0
Net income (loss) (2,709.0) (2,161.0) (4,158.0) 162.0 658.0
Total assets 29,564.0 27,866.0 21,428.0 21,497.0 21,685.0
Employees 18,338 18,217 15,716 15,262 14,094
Table 16: Goldcorp Inc: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin (73.5%) (62.9%) (95.0%) 4.6% 19.2%
Revenue growth (21.0%) (6.8%) 27.3% (19.8%) (2.5%)
Asset growth (5.3%) (5.7%) (23.1%) 0.3% 0.9%
Liabilities growth 21.3% 8.9% (21.3%) (5.8%) (7.2%)
Debt/asset ratio 33.9% 39.1% 40.0% 37.6% 34.6%
Return on assets (8.9%) (7.5%) (16.9%) 0.8% 3.0%
Revenue per employee $201,058 $188,615 $278,379 $229,983 $242,869
Profit per employee ($147,726) ($118,625) ($264,571) $10,615 $46,687

Figure 17: Goldcorp Inc: revenues & profitability
Figure 18: Goldcorp Inc: assets & liabilities

Yamana Gold Inc
Table 17: Yamana Gold Inc: key facts
Suite 2200, 200 Bay Street, North Tower, Royal Bank Plaza, Toronto,
Head office:
Ontario, CAN
Telephone: 1 416 8150220
Fax: 1 416 8150021
Website: www.yamana.com
Ticker: YRI
Stock exchange: Toronto
Yamana Gold Inc. (Yamana) is a mineral exploration company that acquires, explores and develops mining properties in
Mexico, Argentina, Canada, Brazil and Chile. The company primarily explores gold, copper, silver and zinc and sells
precious metals, including gold, silver, and copper. The project portfolio of the company includes core producing mines
such as Chapada, El Penon, Canadian Malartic, Minera Florida, Gualcamayo, Jacobina and the development projects in
Cerro Moro project, Agua Rica, Suyai Project and Monument bay project.
The company operates through seven reportable business segments, Chapada, El Penon, Gualcamayo, Minera Florida,
Canadian Malartic, Jacobina and Brio Gold Inc., which generated revenue of US$425.4 million, US$274 million,
US$188.6 million, US$123.1 million, US$403.1 million, US$170.8 million and US$218.8 million, respectively, in FY2017.
Geographically, the company classifies its operations into four regions: Canada, Chile, Brazil and Argentina, which
generated revenue of US$403.1 million, US$397.1 million, US$815 million and US$188.6 million, respectively in FY2017.
In FY2017, the company’s capital expenditure stood at US$607.5 million, which stood at 33.7% of its revenue and grew
by 22.6% YoY (2017 vs 2016).
The company had over 20 subsidiaries at the end of FY2017. It has operations and properties located in Canada, Brazil,
Chile, and Argentina.
In FY2017, the company sold 1.14 million ounces of gold, 5.1 million ounces of silver and 120.1 million pounds of
copper.
Chapada is an open pit copper and gold mine located in Goias state of Brazil. The Chapada Mine is divided into 37
claims totaling 43,866.31 hectares. The claims are held by Mineracao Maraca Industria e Comercio S/A, a 100% owned
subsidiary of the company.
The El Penon mine is gold and silver underground mine in Chile. The company owns 436 individual mining claims
comprising an area of 90,087 hectares covering the El Penon Mine, the Fortuna area and surrounding exploration lands.
The Canadian Malartic property, including the Canadian Malartic Mine is located approximately 25 kilometers west of the
City of Val-d’Or and 80 kilometers east of City of Rouyn-Noranda. The property lies within the town of Malartic in
Canada. The company owns 50% interest in the property which consists of a contiguous block comprising one mining
concession, six mining leases and 272 mining claims with license expiration till 2037.
The Jacobina property is located in the state of Bahia in northeastern Brazil approximately 340 kilometers northwest of
the city of Salvador. The property is comprised of 5,996 hectares of mining concessions, a mining claim covering 650
hectares, and 113,546 hectares of exploration permits and claims.

The Minera Florida Mine is located within the coastal range in the metropolitan region of central Chile, approximately 75
kilometers Southwest of Santiago, near Melipilla City. The property consists of 166 mineral licenses, covering a total
area of approximately 15,600 hectares.
The Gualcamayo Mine is located in northern San Juan Province, Argentina, approximately 270 kilometers north of the
provincial capital of San Juan. The main Gualcamayo block consists of one Cateo and 57 Minas and covers 7,128
hectares.
Brio Gold project includes three mines such as Fazenda Brasileiro, Pilar and C1 Santa Luz. Pilar is an underground gold
mine located in Goias state, Brazil.
Key Metrics
The company recorded revenues of $1,804 million in the fiscal year ending December 2017, an increase of .9%
compared to fiscal 2016. Its net loss was $194 million in fiscal 2017, compared to a net loss of $308 million in the
preceding year.
Table 18: Yamana Gold Inc: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 1,842.7 1,835.1 1,824.9 1,787.7 1,803.8
Net income (loss) (446.2) (1,383.1) (2,114.8) (307.9) (194.4)
Total assets 11,410.7 12,484.0 9,518.1 8,801.7 8,763.3
Table 19: Yamana Gold Inc: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin (24.2%) (75.4%) (115.9%) (17.2%) (10.8%)
Revenue growth (21.1%) (0.4%) (0.6%) (2.0%) 0.9%
Asset growth (3.3%) 9.4% (23.8%) (7.5%) (0.4%)
Liabilities growth (0.4%) 35.7% (18.9%) (8.3%) 3.7%
Debt/asset ratio 37.3% 46.2% 49.1% 48.7% 50.8%
Return on assets (3.8%) (11.6%) (19.2%) (3.4%) (2.2%)

Figure 19: Yamana Gold Inc: revenues & profitability
Figure 20: Yamana Gold Inc: assets & liabilities

MACROECONOMIC INDICATORS
Country data
Table 20: Argentina size of population (million), 2013–17
Year Population (million) % Growth

2013 41.7 0.9%
2014 42.0 0.9%
2015 42.4 0.8%
2016 42.7 0.8%
2017 43.1 0.8%
Table 21: Argentina gdp (constant 2005 prices, $ billion), 2013–17
Year Constant 2005 Prices, $ billion % Growth

2013 327.5 2.9%
2014 326.9 (0.2%)
2015 327.1 0.0%
2016 333.6 2.0%
2017 344.6 3.3%
Table 22: Argentina gdp (current prices, $ billion), 2013–17
Year Current Prices, $ billion % Growth

2013 609.8 1.1%
2014 553.2 (9.3%)
2015 769.6 39.1%
2016 999.9 29.9%
2017 1,205.0 20.5%

Table 23: Argentina inflation, 2013–17
Year Inflation Rate (%)

2013 10.9%
2014 33.8%
2015 32.2%
2016 23.8%
2017 17.2%
Table 24: Argentina consumer price index (absolute), 2013–17
Year Consumer Price Index (2005 = 100)

2013 206.5
2014 276.2
2015 365.2
2016 452.3
2017 529.9
Table 25: Argentina exchange rate, 2013–17
Year Exchange rate ($/ARS) Exchange rate (€/ARS)

2013 5.4682 7.2740
2014 8.1051 10.7452
2015 9.2521 10.2653
2016 14.7590 16.3281
2017 16.5878 18.8237

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provide the foundation for all related industry profiles
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profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
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MarketLine aggregates and analyzes a number of secondary information sources, including:
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Industry associations
International Iron and Steel Institute
Rue Colonel Bourg, 120, B-1140 Brussels, BEL
Tel.: 322 702 89 00
Fax: 322 702 88 99
www.worldsteel.org
International Aluminium Institute
New Zealand House, Haymarket, London, SW1Y 4TE, GBR
Tel.: 44 20 7930 0528
Fax: 44 20 7321 0183
www.world-aluminium.org
World Coal Institute
5th Floor, Heddon House, 149 - 151 Regent Street, London, W1B 4JD, GBR
Tel.: 44 20 7851 0052
Fax: 44 20 7851 0061
www.wci-coal.com
MEPS
www.meps.co.uk
World Gold Council
55 Old Broad Street, London EC2M 1RX, GBR
Tel.: 44 20 7826 4700
Fax: 44 20 7826 4799
www.gold.org
Related MarketLine research

Industry Profile
Global Metals & Mining
Metals & Mining in Europe
Metals & Mining in Asia Pacific
Metals & Mining in South Africa
Metals & Mining in the United States

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Reference Code: 0073-2106

Publication Date: October 2018

Argentina - Metals & Mining 0073 - 2106 - 2017

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

Market volume forecast

Argentina - Metals & Mining 0073 - 2106 - 2017

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Market value ................................................................................................................................................................ 2

Market value forecast .................................................................................................................................................. 2

Market volume ............................................................................................................................................................. 2

Market volume forecast ............................................................................................................................................... 2

Category segmentation ............................................................................................................................................... 2

Geography segmentation ............................................................................................................................................ 2

Market rivalry ............................................................................................................................................................... 2

Market definition .......................................................................................................................................................... 7

Market Data ..................................................................................................................................................................... 9

Market value ................................................................................................................................................................ 9

Market volume ........................................................................................................................................................... 10

Market Segmentation .................................................................................................................................................... 11

Category segmentation ............................................................................................................................................. 11

Geography segmentation .......................................................................................................................................... 12

Market Outlook .............................................................................................................................................................. 13

Market value forecast ................................................................................................................................................ 13

Market volume forecast ............................................................................................................................................. 14

Five Forces Analysis ..................................................................................................................................................... 15

Buyer power .............................................................................................................................................................. 17

New entrants ............................................................................................................................................................. 21

Threat of substitutes .................................................................................................................................................. 23

Degree of rivalry ........................................................................................................................................................ 25

Argentina - Metals & Mining 0073 - 2106 - 2017

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Glencore Plc .............................................................................................................................................................. 30

Goldcorp Inc .............................................................................................................................................................. 33

Yamana Gold Inc....................................................................................................................................................... 36

Country data .............................................................................................................................................................. 39

Industry associations ................................................................................................................................................. 42

Related MarketLine research .................................................................................................................................... 42

About MarketLine ...................................................................................................................................................... 43

Argentina - Metals & Mining 0073 - 2106 - 2017

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Table 7: Barrick Gold Corp: key facts............................................................................................................................ 27

Table 8: Barrick Gold Corp: key financials ($) ...............................................................................................................28

Table 9: Barrick Gold Corp: key financial ratios ............................................................................................................28

Table 10: Glencore Plc: key facts.................................................................................................................................. 30

Table 11: Glencore Plc: key financials ($) .....................................................................................................................31

Table 12: Glencore Plc: key financials (CHF)................................................................................................................31

Table 13: Glencore Plc: key financial ratios ..................................................................................................................31

Table 14: Goldcorp Inc: key facts .................................................................................................................................. 33

Table 15: Goldcorp Inc: key financials ($) .....................................................................................................................34

Table 16: Goldcorp Inc: key financial ratios...................................................................................................................34

Table 17: Yamana Gold Inc: key facts........................................................................................................................... 36

Table 18: Yamana Gold Inc: key financials ($)..............................................................................................................37

Table 19: Yamana Gold Inc: key financial ratios ...........................................................................................................37

Table 20: Argentina size of population (million), 2013–17.............................................................................................39

Table 22: Argentina gdp (current prices, $ billion), 2013–17.........................................................................................39

Table 23: Argentina inflation, 2013–17.......................................................................................................................... 40

Table 24: Argentina consumer price index (absolute), 2013–17 ...................................................................................40

Table 25: Argentina exchange rate, 2013–17 ...............................................................................................................40

Argentina - Metals & Mining 0073 - 2106 - 2017