Glencore presented mining projects worth more than USD 13 billion under the RIGI

Glencore submitted two applications to the Ministry of Economy for inclusion in the Large Investment Incentive Regime (RIGI) for copper projects in Argentina for a combined amount exceeding USD 13 billion.

According to the Minister of Economy, Luis Caputo, these are the El Pachón initiative, located in the province of San Juan, and the Minera Agua Rica (MARA) project, in Catamarca.

According to official information, both submissions total USD 13.3 billion in investment, which brings the number of projects submitted to RIGI to 20 since its implementation, with an estimated volume of USD 33.6 billion.

In the case of Agua Rica, an outlay of USD 4 billion is planned, while El Pachón contemplates USD 9.5 billion in its first phase, to be developed in the next decade.

The projects have significant mineral resources: approximately 6 billion tons at El Pachón and 1.2 billion tons at Agua Rica. According to company estimates, construction could generate more than 10,000 direct jobs and, in the operational stage, about 2,500 additional jobs.

Glencore emphasized that "once the applications for inclusion have received approval from the relevant authorities, the projects will have access to an attractive and long-term economic investment framework, as well as greater protection for investors".

The firm's CEO, Gary Nagle, highlighted the role of the current regulatory framework: "President Milei and his administration deserve recognition for the implementation of RIGI. This framework has transformed the investment landscape in Argentina, acting as a key catalyst for attracting significant foreign investment to the country. Today's submission constitutes a significant step toward the development of El Pachón and Agua Rica. It also reinforces our longstanding commitment to Argentina, a country in which we've been a proud investor for more than two decades".

The national government considers that the consolidation of RIGI translates into greater legal guarantees and economic predictability, elements that explain the arrival of significant capital and the diversification of projects in strategic sectors.

In this regard, Glencore's submission adds to the series of investment announcements that seek to position the country as a competitive destination in the region.