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Mining production has grown substantially in Latin America in the last decades. This boom has adversely affected the negatively the production and exports of manufacturing goods, suggesting the basis for the phenomena of the “Dutch Disease”. This study allows ratifying that incidence through a regression model with panel data and a graphical analysis using local polynomial regressions. Results show a trade off in production and exports between two important sectors, industry and mining. The negative relationship operates in countries where exports of mining goods exceed a certain threshold, wich is the moment at which economic institutions should set off the alarms and intervene on a more active way. This research has named “Intersectoral Substitution Curve” ISC to this phenomenon. [ABSTRACT FROM AUTHOR]