Argentina's mining sector is drawing renewed attention following recent legislative developments affecting glacier protection laws and their relationship to mineral exploration and development.
According to a February 26 report from Reuters, Argentina's Senate approved a reform to the law protecting Andean glaciers, a measure promoted by President Javier Milei's government with the aim of unlocking investment by mining companies. The bill passed with a vote of 40 to 31 as environmental groups protested opposite the Argentina Congress. The reform will now move to the lower house for a vote.
Reuters reported that the proposed reform forms part of a broader pledge by the administration to "end arbitrary interpretations" of the glacier law, which the government said has stalled investment and economic development. If enacted, the bill would enable provinces to set their own standards for protecting glaciers and periglacial environments, which are high altitude ice formations often covered by rock debris that serve as freshwater reserves.
Mining companies have argued that the current law prohibits mining and oil exploration activities from all glaciers identified through a national scientific inventory and that clearer definitions are needed to support long-term investment planning. "It's a game changer. It will allow for a clearer understanding of what a periglacial environment is, and across each province," said Tomas Lanardonne, an attorney with the firm MHR, which works with energy, mining, and natural resources businesses.
Environmental organizations have opposed the reform, stating that changes to the glacier protection law could weaken safeguards for water resources. "To a greater or lesser extent, all Argentines will be affected by the water shortage this will cause in the short term," said Agostina Rossi Serra of Greenpeace Argentina.
A February 27 report from Bloomberg News stated that Argentina's Senate approved Milei's bill allowing governors to overrule federal protections on glaciers and surrounding periglacial areas. The measure advances to the Lower House for a final vote in the coming days.
Bloomberg reported that mining companies have sought clearer definitions regarding glacier and periglacial zones to determine whether formations without meaningful hydrological function should be classified as strategic water reserves. The current law preserves ice formations that supply water to farms and cities downstream by placing them on a federal registry that provides comprehensive protection.
The report noted that the legislation is tied to broader efforts to attract investment into Argentina's mineral sector. Bloomberg wrote that companies have shown interest in investing about US$40 billion in Argentina's copper belt as global demand for the metal increases.
Regulatory Framework and Sector Context
Additional analysis published February 28 by Muflih Hidayat described the reform as restructuring the distribution of regulatory authority between federal and provincial governments. The legislation introduces a classification system for "non-functional glaciers" and allows provinces to establish their own criteria for determining which formations require protection from mining activities.
The analysis also stated that Argentina's original 2010 Glacier Protection Law created a national inventory of glaciers managed by the Argentine Institute of Snow, Glaciology, and Environmental Sciences and established uniform protections that prohibited mining and hydrocarbon exploration on glaciers identified through scientific inventory processes.
The Senate-approved reform represents a shift from that federal oversight model by transferring decision-making authority to provincial governments. Environmental organizations have expressed concerns regarding the changes and potential impacts on water resources, while mining sector representatives have cited the need for clearer regulatory definitions in planning long-term investments.
Recent legislative developments surrounding Argentina's glacier protection law come as the country remains an important jurisdiction for several large international mining companies with operations and exploration activities in the Andean region. One is Barrick Gold, which has maintained a long-standing presence in Argentina.
Barrick Mining Corporation
Barrick Mining Corp. (ABX:TSX; B:NYSE) recently reported fourth-quarter and full-year 2025 operating and financial results for the period ending December 31, 2025. In the fourth quarter, the company produced 871,000 ounces of gold and 62,000 tonnes of copper and generated revenue of US$6.00 billion, operating cash flow of US$2.73 billion, and free cash flow of US$1.62 billion. Net earnings per share were US$1.43 and adjusted net earnings per share were US$1.04, increasing 88% and 79%, respectively, from the third quarter.
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Barrick Mining Corp. (ABX:TSX; B:NYSE)
For the full year 2025, Barrick reported revenue of US$16.96 billion, operating cash flow of US$7.69 billion, and free cash flow of US$3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share were US$2.93, and adjusted net earnings per share were US$2.42. Full-year gold production totaled 3.26 million ounces and copper production reached 220,000 tonnes, both consistent with the guidance provided at the start of the year.
"We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share in 2025 and the highest shareholder returns in this company's history," said Mark Hill, President and Chief Executive Officer, in the news release.
Gold production in the fourth quarter increased 5% from the previous quarter to 871,000 ounces, while copper production increased 13% to 62,000 tonnes. For the full year, gold production decreased 17% from 2024 to 3.26 million ounces, while copper production increased 13% to 220,000 tonnes.
Barrick also reported record quarterly financial performance with operating cash flow of US$2.73 billion and free cash flow of US$1.62 billion, representing increases of 13% and 9%, respectively, over the third quarter. Quarterly revenue rose 45% to US$6.00 billion from US$4.15 billion in the prior quarter.
During 2025, the company repurchased US$1.5 billion of its shares, representing about 3.0% of Barrick's issued and outstanding shares, including US$500 million in the fourth quarter. Barrick returned a total of US$2.39 billion to shareholders during the year. The company's board approved a quarterly dividend of US$0.42 per share, a 140% increase over the third quarter, and introduced a dividend policy targeting a total payout of 50% of attributable free cash flow.
Barrick reported year-end cash and equivalents of US$6.71 billion, an increase of 65% compared with 2024, supported by operating cash flow and proceeds from non-core asset sales totaling US$2.6 billion in 2025, including the previously announced sales of Hemlo, Tongon, Donlin and Alturas.
In a February 10 contributed opinion, Global Analyst Adrian Day discussed developments related to Barrick Mining Corporation while reviewing market conditions for gold and silver. Day wrote that the company had recently reported a leadership change, stating that Barrick Mining Corporation "announced that Graham Shuttleworth is departing as CFO, to be replaced by existing board member Helen Cai, a former investment banker."
The same commentary also addressed developments involving the company's Nevada assets. Day wrote that "any attempt to spin off or sell Barrick's Nevada assets would require approval from partner Newmont, which has the right of first refusal." He added that "this twist comes among high speculation that Barrick will spin off its North American assets (including its share in Nevada Gold Mines) in an effort to realize full value for its assets."
According to Day, Barrick owns 61.5% of Nevada Gold Mines and acts as the operator. The third-party source stated the stock's rating as "Hold."
FactSet reported that several analysts reiterated positive ratings on Barrick Mining Corp. in February 2026. In research notes dated February 27, RBC Capital Markets rated the stock Buy with a CA$53 target price, Stifel rated it Buy with a CA$69.66 target price, and CIBC rated it Buy with a CA$67 target price. Earlier in the month, Freedom Broker on February 23 rated the stock Buy with a CA$42 target price, TD Cowen on February 20 rated it Buy with a CA$61 target price, and Jefferies on February 13 rated it Buy with a CA$66 target price. FactSet also reported that Baptista Research issued an Underweight rating on February 12 with a CA$46 target price.
The company also announced that its board has authorized preparations for an initial public offering of an entity that will hold Barrick's North American gold assets. The entity will include Barrick's joint venture interests in Nevada Gold Mines and Pueblo Viejo, along with its wholly owned Fourmile gold discovery in Nevada. Barrick stated it expects the IPO to be completed by late 2026 and intends to retain a controlling interest in the new entity.
In its investor presentation, Barrick reported continued work across several development and expansion projects. At the company's 100%-owned Fourmile project in Nevada, the declared gold mineral resource was doubled for the second consecutive year. The project now reports indicated resources of 2.6 million ounces of gold and inferred resources of 13 million ounces. Barrick stated that 2026 is expected to be a critical year for Fourmile, with drilling expenditure expected to increase to US$150 million to US$160 million compared with US$91 million in 2025. Planned underground access via the Bullion Hill Decline is progressing, with development scheduled to begin in the fourth quarter of 2026.
At the Lumwana copper project, the expansion remains slightly ahead of schedule, and deliveries of the 2026 mining fleet have begun. At Pueblo Viejo, more than 300 families have relocated to the new community of Nuevos Horizontes, and construction of the tailings storage facility is progressing to support the expansion. The Reko Diq copper-gold project continued advancing site works during the fourth quarter.
Barrick also reported continued reinvestment and operational work across its Nevada operations. Processing reinvestments have been made to support improvements in plant throughput and reliability, including upgrades at the Sage autoclave and expansion work at Gold Quarry. The company reported record 90-day runtime performance at the Sage autoclave prior to a planned shutdown in January 2026.
2Strategic investors own 0.9% of Barrick, while Institutions hold 63.03%. The rest is retail.
Barrick Mining has approximately 1.69 billion shares outstanding and a market capitalization of about US$80 billion. The stock has traded within a 52-week range of US$16.33 to US$54.69 per share.
Orestone Mining Corp.
Another company active in Argentina is Vancouver-based Orestone Mining Corp. (ORS:TSX.V; 02R2:FSE), which is advancing the Francisca gold project in Salta province while also holding the 100%-owned, permitted, and drill-ready Captain gold-copper project in British Columbia.
On January 23, the company announced that it had initiated a Phase I exploration program at the Francisca Gold Project. The program involves detailed mapping and sampling across a 200 by 500 meter grid covering the surface exposure of the South gold zone. Sampling will include approximately 600 rock chip, channel, and grab samples, as well as the resampling of 11 existing trenches that cross-cut the zone along its 500-meter strike length.
Data collected during the Phase I program is intended to refine drill hole orientation for a planned Phase II reverse circulation drilling campaign. The Phase II program is currently planned to include about 1,500 meters of reverse circulation drilling across 10 holes designed to cross-cut the currently defined gold-silver mineralized zone at spacings of 40 to 80 meters. Several of the planned drill holes are expected to test a larger porphyry target at depth beneath the oxide horizon.
Chief Executive Officer David Hottman said in the January 23 news release, "The Francisca property covers a robust gold system discovered during a period of historically very low gold prices, with no meaningful exploration being conducted during the last 20 years. We are excited to get the surface exploration underway in preparation for drilling to test this large gold target. Our goal is to define an oxide gold deposit that can be mined by open pit."
Previous sampling at the South gold zone identified mineralization across an area 50 to 100 meters wide with a strike length of approximately 500 meters. A 2025 confirmation sampling program collected 20 rock chip samples, returning values ranging from 0.03 to 33 grams per tonne gold and from 2.0 to 160 grams per tonne silver, averaging 5.78 grams per tonne gold and 29.2 grams per tonne silver after grade caps were applied.
Orestone has the option to earn up to an 85% interest in the Francisca property through exploration expenditures and cash payments totaling US$4.2 million over seven years. The project is located approximately 80 kilometers northwest of the city of Salta in northwestern Argentina within the eastern Puna-Altiplano region at elevations ranging from 3,300 to 3,650 meters.
1In December, John Newell of John Newell & Associates gave Orestone a Speculative Buy rating and outlined the following targets.
- The First Target: CA$0.15
- The Second Target: CA$0.23
- The Third Target: CA$0.40
He wrote that, "a decisive move through CA$0.10–CA$0.11 would be the next confirmation of strength." As of the time of this article, the stock is currently in that range at CA$0.135.
2Four insiders own 9.85% of Orestone, including Hottman with 2.97%. One institution, and the largest shareholder overall, Crescat Capital, holds 11.05%. Retail investors have the rest.
Orestone has approximately 106.5 million shares outstanding, a market capitalization of about CA$12.3 million and a 52-week trading range of roughly CA$0.03 to CA$0.175 per share.
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Important Disclosures:
- Orestone Mining Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Mining Corporation and Orestone Mining Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Disclosure for the quote from the John Newell article published on December 5, 2025
- For the quoted article (published on December 5, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
- Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.
2. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
