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Buenos Aires, August 2025 — Global mining and commodities powerhouse Glencore (LON:GLEN) has formally submitted applications to Argentina’s federal authorities for inclusion in the country’s Incentive Regime for Large Investments (RIGI), signaling its intent to invest $13.5 billion in two major copper projects: El Pachón and Agua Rica.
🏗️ Strategic Investment Breakdown
- El Pachón Project
- Location: San Juan Province
- Investment: $9.5 billion (Phase 1)
- Resource Estimate: ~6 billion tonnes of ore
- Minerals: Copper, molybdenum, silver
- Status: Feasibility and environmental assessments underway
- Agua Rica Project
- Location: Catamarca Province
- Investment: $4 billion
- Resource Estimate: ~1.2 billion tonnes of ore
- Minerals: Copper, gold, silver, molybdenum
- Infrastructure: Will utilize Alumbrera processing facilities (35 km away) under the MARA initiative
Combined, the projects are expected to generate over 10,000 direct jobs during construction and 2,500 permanent roles once operational.
💼 RIGI Incentive Framework
The RIGI program, introduced by President Javier Milei’s administration, offers:
- Tax relief for large-scale investments
- Simplified customs procedures
- Currency exchange flexibility for foreign investors
Glencore CEO Gary Nagle praised the framework, stating it “has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country”.
🌍 Global Copper Market Impact
El Pachón is positioned to become one of the world’s largest copper mines, located in a cluster of deposits that could transform San Juan into a new global copper hub. The projects align with rising global demand for copper, driven by electrification, renewable energy infrastructure, and battery manufacturing.
Argentina, traditionally focused on agriculture and oil, is now emerging as a strategic player in the metals sector, joining regional leaders Chile and Peru.
🌐 Implications for Emerging Markets
Glencore’s deepened commitment to Argentina may serve as a blueprint for resource-rich nations across Africa and Latin America seeking to attract foreign capital through policy reform and investment incentives. The RIGI model demonstrates how regulatory clarity and economic stability can unlock billions in development funding.
Glencore Hq Picture from Glencore on X
