The Government approved a new project under RIGI to reactivate the Gualcamayo mine in San Juan
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The National Government approved thetenth project under the Large Investment Incentive Regime (RIGI). This consolidates one of the pillars of the official strategy to attract capital and reactivate key productive sectors. This is an investment of USD 665 million aimed at reactivating the Gualcamayo mine, located in the province of San Juan.
The project was submitted by Minas Argentinas SA, which obtained approval to develop the plan called Carbonatos Profundos. The projectis aimed at extending the useful life of the deposit through the exploration and exploitation of a new type of mineralization.
With this approval, RIGI now totals ten projects approved for an overall amount that exceeds USD 25 billion. These projects have a strong impact on employment, exports, and regional development.
Javier Milei y ''Toto" Caputo.
Details of the Gualcamayo project
The initiative was formalized through Resolution 6/2026, published in the Official Gazette. The company is authorized to carry out exploration work in the Gualcamayo 1 and Gualcamayo 2 concessions. It is also authorized to conduct feasibility studies on gold and silver deposits and move forward with the construction and operation of a new processing plant.
The project was submitted as a Single Project Vehicle (VPU) and will be developed in the Gualcamayo region, about 270 kilometers (168 miles) north of the provincial capital. According to the official documentation, the plan envisages the creation of around 4,500 jobs, including direct and indirect employment.
In terms of disbursements, the initial investment provides for USD 46.7 million during the first year and USD 43.8 million in the second. These figuresmake it possible to meet the requirement of exceeding 40% of the minimum amount required by the Ley Bases for this type of project.
Así es la mina de San Juan
Caputo highlighted the impact on employment and the reversal of the imminent closure
The Minister of Economy, Luis Caputo, emphasized the importance of the project, which allows "the extension of the life of a mine in a depletion stage through the development of a different type of mineralization". He also highlighted that the initiative will employ around 1,700 people directly.
In addition, the supplier development plan submitted by the company establishes that 69% of spending on goods, services, and infrastructure will be allocated to local suppliers. This is well above the 20% minimum required by current regulations.
The Gualcamayo mine was in the process of closure until just two years ago. The arrival of Aisa Group in 2023 —the current shareholder and operator of Minas Argentinas— made it possible to sustain the operation of the plant. The company also regularized debts with suppliers, moved forward with the reclassification of resources, and resumed exploration work that now supports a long-term development plan.
Previo a la llegada de la compañía, la mina estaba en proceso de cierre
RIGI and its economic impact
RIGI was designed to promote large investments in strategic sectors such as mining, energy, and infrastructure. Although more than 27 initiatives have already been submitted, ten of them have so far received formal approval. The investments are located in provinces such as Neuquén, Río Negro, San Juan, Mendoza, Salta, Buenos Aires, Catamarca and Santa Fe.
Taken together, these projects involve billions of dollars in committed investment and the creation of tens of thousands of jobs. This way, the regime is consolidated as one of the Government's main tools to boost economic growth and job creation.
