Glencore (LSE:GLEN) has secured approval under Argentina’s Incentive Regime for Large Investments (RIGI) for its US$4 billion ($5.74 billion) Agua Rica copper project in Catamarca province.
The project, also known as Minera Agua Rica-Alumbrera (MARA). Argentina’s government says about US$771 million is expected to be invested during the first two years.
Agua Rica is planned to use existing infrastructure at the nearby Alumbrera operation, including its processing plant and downstream transport network.
Glencore says MARA has the potential to produce more than 200,000 tonnes of copper in concentrate annually during its first 10 years of operation.
The deposit hosts measured and indicated mineral resources of around 1.2 billion tonnes grading 0.47% copper, 0.20 grams per tonne gold, 3.40g/t silver, and 0.03% molybdenum.
The Argentine Government is said to expect construction to begin in November 2027, with operations targeted to start in October 2031.
The approval comes as Glencore progresses the restart of Alumbrera, where first production is now expected in the second half of 2027, ahead of previous guidance for the first half of 2028.
Glencore is a diversified mining and commodities group with operations spanning copper, cobalt, nickel, zinc, coal, and other commodities worldwide.
Write to France Pinzon at Mining.com.au
Main image: Argentine Republic
