Glencore Links Argentine Copper Development to RIGI Predictability

Glencore believes the Investment Incentive Regime for Large-Scale Projects (RIGI) has narrowed part of the competitiveness gap Argentina faced against mining destinations like Chile and Peru. The assessment was presented by Martín Pérez de Solay, CEO of Glencore Argentina, during a critical minerals conference held in Buenos Aires.

According to the executive, improvements in tax and regulatory conditions have restored Argentine copper to the capital allocation decisions of major international companies. However, he noted that large-scale projects require predictability over extended periods, from the study phase through decades of operation.

The company submitted to the RIGI its MARA development in Catamarca and El Pachón in San Juan. The initiatives contemplate potential investments of US$4,000 million for Agua Rica and US$9,500 million for the first phase of El Pachón over the next decade.

Combined, both projects represent approximately US$13,500 million and are part of Glencore's copper sector expansion strategy. MARA, also known as Agua Rica-Alumbrera, plans to utilize existing processing facilities from Alumbrera, located approximately 35 kilometers west of the Agua Rica deposit.

El Pachón holds estimated mineral resources of around 6,000 million tonnes, which include copper, molybdenum, and silver. The sequence planned by the company begins with Alumbrera's reactivation and continues with the advancement of MARA and El Pachón.

For Pérez de Solay, the stability required to execute investments of this magnitude must be maintained beyond government changes, since projects can demand several years of preparation and operate for 30, 40, or even 50 years.

Based on information from Panorama Minero.