This is a mining initiative aimed at copper extraction, with a total investment of USD 2,672,171,207
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The Government of Javier Milei, through the Ministry of Economy, formalized the incorporation of ANDES CORPORACIÓN MINERA S.A. into the Incentive Regime for Large Investments (RIGI), which enables the launch of the Los Azules Project, a mining initiative aimed at copper extraction, with a total investment of USD 2,672,171,207 in the province of San Juan.
This measure represents a significant step within the national policy of promoting large investments, consolidating the copper sector as one of the strategic pillars for the country's economic growth. The project, operated by McEwen Copper Inc., includes the creation of more than 3,500 jobs between direct and indirect employment.
Located in the Andes Mountain Range, within the Calingasta department, the deposit is approximately 80 kilometers (49.7 miles) west-northwest of the town of the same name and just six kilometers (3.7 miles) from the border with Chile.
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According to the resolution detailed by Milei's Government, the venture provides for the development of a mine, a processing plant, and all the necessary infrastructure for obtaining copper cathodes.
The project has estimated resources of 10.9 billion pounds of copper in the Indicated category and 26.7 billion pounds in the Inferred category. According to the report submitted by McEwen Copper Inc. to Argentine authorities in 2023, the deposit's useful life is projected at 27 years.
ANDES CORPORACIÓN MINERA S.A. (ACM S.A.), whose administrative headquarters are located in the city of Mendoza, was presented as a Single Project Vehicle (VPU), adapting its corporate purpose exclusively to activities related to the development of the project, in accordance with the provisions of Law 27,742.
In the documentation submitted, the company reported that, from the total investment, USD 2,353,624,141.07 will be allocated to computable assets, far exceeding the minimum amount required by current regulations. Meanwhile, ACM S.A. committed to investing USD 415,775,312.66 in computable assets during the first two years, a figure that amounts to more than 40% of the minimum required for this type of venture.
Minería argentina.
The construction schedule and supplier development plan submitted by the company also received official approval. In this regard, it was determined that 61.1% of the budget allocated to supplier payments, acquisition of goods, and infrastructure works in the construction and operation stages will correspond to local suppliers, far exceeding the 20% established by regulations.
Finally, the maximum deadline to reach the minimum investment amount in computable assets was set for December 31, 2027.
