Milei's government has already approved 7 RIGI projects for more than USD 13.067 billion

The national government approved seven investment projects under the Large Investment Incentive Regime  (RIGI) for a  total of $13.067 billion, out of a submitted universe amounting to $33.876 billion. The figure was confirmed by Chief of Cabinet, Guillermo Francos, in his latest management report before Congress and updated after the increase in committed investment by Southern Energy.

According to official data,  the Executive gave the green light to seven initiatives, rejected one, and is still evaluating  another twelve for an  estimated amount of $21.281 billion. Meanwhile,  at least seven new projects are in the preparation stage to be submitted in the coming months.

The RIGI, approved in July 2024 through Law 27,742 —known as the Bases Law— and  regulated in August of the same year by Decree 749, offers a package of tax, customs, and legal benefits for thirty years. The regime is in force until July 2026, with the possibility of extending it for one more year, until 2027. Its design aims to attract investments exceeding $200 million in sectors such as mining, hydrocarbons, infrastructure, energy, steel, forestry industry, tourism, and technology.

According to Francos in Management Report No. 144,  "all approved projects have a sworn statement guaranteeing a degree of local supplier participation above 20%". The regulations establish this minimum requirement, although in several provinces higher percentages of local procurement were imposed, reaching in some cases up to 80%.

In the energy and mining sectors, there is consensus that RIGI is consolidating as a key instrument for the arrival of strategic capital. However, it is expected that the Executive Branch will have to extend its validity to address all projects under evaluation, many of which are of great magnitude.

Among the already approved initiatives is the  El Quemado Solar Park in Mendoza, with an investment of $211 million; the Southern Pipeline in Vaca Muerta, Neuquén and Río Negro, with $2.486 billion; and the mega project of natural gas liquefaction by Southern Energy in the San Matías Gulf, Río Negro, whose total investment will amount to $6.878 billion after adding a second floating LNG unit currently under construction in China.

These are joined by the steel project by Sidersa in San Nicolás ($296 million), the Olavarría Wind Farm ($255 million), the development of lithium in the Salar del Rincón, Salta ($2.724 billion), and the  Galán Lithium project in Catamarca ($217 million). Together, it is estimated that these initiatives will generate around 1,000 direct jobs, with a multiplier effect on industry and local suppliers.

The list of projects under evaluation is extensive and includes some of the most relevant for the country's mining development. Among them are Sal de Oro by POSCO ($633 million), Gualcamayo by Minas Argentinas ($665 million), Los Azules by Andes Corporación Minera ($2.672 billion), Sal de Vida by Galaxy Lithium ($818 million), and El Pachón by Glencore ($9.533 billion),  among others. There are also energy developments such as the Timbúes Multipurpose Terminal ($290 million), the La Rinconada Wind Farm ($206 million), and the Los Toldos Treatment Plant by Tecpetrol and Gas y Petróleo del Neuquén ($1.006 billion)).

So far, only one project has been rejected by the RIGI Committee. This is the so-called "Mariana", submitted by the Chinese company Ganfeng Lithium, which had committed $273 million in Salta. The Minister of Economy, Luis Caputo, explained that  "it started in 2022 and was inaugurated at the beginning of this year, almost at the same time as it submitted its application for entry". The Chinese company has already announced that it will resubmit a unified proposal that will include three lithium brine projects for an amount of $2 billion.

The agenda of projects in preparation is also significant.  Among those finalizing details are three mining initiatives in San Juan (gold, copper, and silver) by Vicuña Corp., Aldebarán, and Casposo-Hualilán;  the Diablillos silver project by AbraSilver on the Catamarca-Salta border; a lithium project in Catamarca by Lake Resources; a biofuels plant in Santa Fe by YPF and Essential Energy; and a ski resort in Mendoza, which would be the first tourism initiative to request adherence to the regime.

Additionally, state-owned and private companies are working on renewable energy plans, new LNG projects together with YPF, Shell, and Eni, hydrogen plants, port and airport terminals, as well as high-voltage power lines in the North and South of the country.

The design of RIGI establishes long-term incentives, with regulatory stability and preferential access to the foreign exchange market, which has been positively valued by productive and financial sectors. The government's bet is that these projects will accelerate the arrival of foreign currency, generate employment, and improve the country's competitiveness in global markets.