Argentina’s President Javier Milei’s party has secured a decisive victory in midterm legislative elections. With more than 90% of ballots counted, La Libertad Avanza party won 40.84% of congressional seats, compared to 31.64% for the opposition Peronist coalition.
These elections have been viewed as a referendum on Milei’s radical effort to overhaul the country’s struggling economy. Yet, even in Buenos Aires province, a traditional Peronist bastion, Milei’s bloc reached roughly 41.5% against 40.8% for his rivals.
“The Argentinian people left decadence behind and opted for progress,” Milei said, according to Al Jazeera. He pointed out that the result validated the “ideas of freedom to make Argentina great again.”
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Half the seats in the lower Chamber of Deputies and a third of the Senate were up for grabs. Milei noted his party has now tripled its presence, winning 101 deputies, up from 37, and 20 senators, up from six. The gain gives him enough leverage to protect presidential vetoes and move ahead with aggressive tax and labor reforms.
Analysts from the Zuban Cordoba polling firm, quoted by Reuters, said the strong showing reflected public unease about returning to past economic crises and that the triumph was “unobjectionable, unquestionable.”
This outcome also helps sustain a crucial alliance with Washington. U.S. President Donald Trump’s administration recently lined up as much as $40 billion in financial backing for Milei’s stabilization program. The support includes a $20 billion currency swap already in place and a proposed $20 billion debt investment facility.
Per Al Jazeera, Washington’s support played into voter motivations because “the United States played a crucial role in the last stage leading to this election,” and many citizens listened, potentially tipping the balance in Milei’s favor.
The election outcome is a green light for foreign capital to accelerate investments. Large-scale industrial and mineral developments have stalled amid previous political uncertainty, now resolved.
The opportunities are particularly evident in the mining sector. Argentina has significant copper potential, essential to global electrification.
Spotlight on Opportunities
Glencore (OTC:GLCNF) (OTC:GLNCY) is progressing two major developments, its El Pachón and Agua Rica copper projects. With more than $13 billion in combined investment plans, these projects would boost export revenues.
Meanwhile, McEwen (NYSE:MUX) is advancing Los Azules in San Juan. The outstanding copper deposit near the Chilean border could supply over 148,000 tons annually for 21 years.
Yet, commodity riches face a hard constraint in infrastructure. Many deposits are stranded far from ports, paved roads, and logistics networks. These hurdles push up costs and delay progress.
Through initiatives such as reviving the Belgrano Cargas freight network, the government must provide essential support. Without a solid freight network, Argentina’s commodity boom risks a physical bottleneck even as its political path clears.
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Photo by lev radin via Shutterstock
