Glencore secures Argentine RIGI approval for Agua Rica copper project
Glencore announced that Argentina's Large Investment Incentive Regime (RIGI) has approved its Agua Rica (MARA) project. The approval, confirmed by CEO Martín Pérez de Solay, gives fiscal certainty for an estimated US$4 billion investment. The project will use the Alumbrera processing plant and is slated to start production in the second half of 2027, with an anticipated output of over 200,000 tonnes of copper concentrate each year for its first decade. The restart of Alumbrera is expected in H2 2027, earlier than the prior guidance of H1 2028.
Why it matters
Glencore says the RIGI approval removes regulatory risk and enables the company to commit the US$4 billion needed for the project, which could add more than 200,000 tonnes of copper annually to supply. The earlier Alumbrera restart may accelerate cash flow from the combined operations, according to the company's statement.
Key facts
- 1Argentina approved the Agua Rica project under the RIGI regime. tradingview.com
- 2The estimated capital investment for the project is US$4 billion. panorama-minero.com
- 3First production from the Alumbrera restart is now expected in the second half of 2027. tradingview.com
- 4The project aims to produce more than 200,000 tonnes of copper concentrate per year during its first ten years. tradingview.com
- 5The Alumbrera operation currently employs around 2,000 people, mostly from Catamarca. tradingview.com
- 6Construction of Agua Rica could employ up to 3,500 workers at peak. panorama-minero.com
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.