Another RIGI Approved for Copper Mining: Glencore to Invest USD 4 Billion
Swiss miner Glencore announced that it received approval for its Agua Rica project, located in the province of Catamarca, under the Incentive Regime for Major Investments (RIGI). Incorporation into the fiscal and regulatory benefits scheme provides predictability for capital investment estimated at USD 4 billion and constitutes, according to the company, a significant milestone for securing long-term investment in the country.
The approval grants a framework of legal and tax stability to advance the stages of technical evaluation, financing, and project development, which remains subject to compliance with the corresponding environmental and regulatory procedures at the national and provincial levels. Agua Rica's entry into the RIGI adds to other large-scale mining projects that have already been incorporated into the regime since its enactment as part of the Bases Law.
The MARA project and synergy with Alumbrera
Agua Rica is a large-scale copper, gold, silver, and molybdenum deposit that, according to current estimates, has estimated and indicated mineral resources of approximately 1.2 billion tonnes of ore, with average grades of 0.47% copper, 0.20 grams per tonne of gold, 3.40 grams per tonne of silver, and 0.03% molybdenum. It is a mineral resource, not a proven reserve, so its final conversion will depend on the feasibility studies that remain to be completed.
The development scheme provides for Agua Rica to use the processing facilities of Alumbrera, located 35 kilometers from the deposit, giving rise to the combined project known as MARA (Minera Agua Rica Alumbrera). This integration seeks to reduce capital costs and accelerate development timelines by reusing existing processing infrastructure rather than building a new plant from scratch.
The company estimates that, during its first ten years of operation, the project could produce on average more than 200,000 tonnes of copper concentrate per year, a volume that would position it among Argentina's most significant copper developments in the coming decades, although this figure corresponds to a production projection and not to volumes already committed or underway.
Alumbrera's reactivation as a prerequisite
Parallel to the RIGI approval for Agua Rica, Glencore continues with the reactivation work on Alumbrera, with the objective of advancing its first production to the second half of 2027. The company maintains that this restart functions as a natural facilitator for the comprehensive development of MARA, insofar as it allows leveraging prior operational experience, installed logistics, and site operational readiness, while reducing technical risks associated with launching a new project.
Currently, MARA operations employ around 2,000 people, most of them from the province of Catamarca. According to the company's projections, during the project construction phase an employment peak of 3,500 workers is expected to be reached, which would represent a significant boost for the local labor market and the region's supplier network.
Glencore's statements
Glencore Argentina CEO MartĂn PĂ©rez de Solay highlighted the significance of the regulatory approval for the company's copper expansion plans in the country.
“RIGI approval is an important milestone for Agua Rica and a clear sign of confidence in Argentina's long-term investment framework, helping support its ambition to be one of the world's leading copper producers”, said Pérez de Solay.
The executive added that the regime “provides the fiscal and regulatory certainty necessary to commit capital of this magnitude” and thanked national authorities and the province of Catamarca “for their firm commitment throughout the process”.
“Together with the resumption of Alumbrera and our plans for El Pachón, Argentina represents a key pillar of copper growth at Glencore, while creating skilled employment, deepening local supply chains, and delivering the copper required for the energy transition”, said Glencore Argentina's CEO.
The RIGI framework and Glencore's mining map in the country
The RIGI, created by the Bases Law enacted in 2024, establishes a regime of fiscal, foreign exchange, and customs stability for a period of thirty years for investment projects exceeding USD 200 million, with additional benefits for those classified as strategic long-term exports, a category in which copper projects of Agua Rica's scale typically fall. The incorporation of this project adds to other mining and energy initiatives that sought in the regime a framework of predictability for capital expenditures that span years.
With the approval of Agua Rica, Glencore consolidates in Catamarca a copper development hub that combines the reactivation of a historic asset like Alumbrera with a new-generation project. To this is added, as highlighted by the company itself, the El PachĂłn project, located in the province of San Juan, which reinforces the Swiss multinational's strategy of concentrating in Argentina a growing portion of its global copper portfolio, a mineral considered strategic for the energy transition due to its intensive use in electrification and renewable energies.