Glencore has taken an important $13 billion step in Argentina

Glencore has informed that it has officially submitted applications for El Pachón and Agua Rica projects to be included in the Incentive Regime for Large Investments (RIGI) – a framework that’s reshaping Argentina’s investment landscape.

10000 potential jobs

With an expected investment of US$9.5 billion in El Pachón (Phase 1) and US$4.0 billion in Agua Rica over the next decade, these projects have the potential to create over 10,000 jobs during construction and more than 2,500 permanent roles once operational.

Gary Nagle Glencore CEO has emphasized: “President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country. Today’s submission marks a significant step towards the development of El Pachón and Agua Rica. It also deepens our longstanding commitment to Argentina, a country to which we have been a proud partner for over two decades.”

From Glencore Argentina, Martín Pérez de Solay CEO added: “The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment. I am confident that the mining sector can be a major contributor to the Argentinian economy with the El Pachón and Agua Rica projects supporting the country’s ambition to become one of the world’s leading copper producers.”

Mining projects

El Pachón, in San Juan, is one of the world’s largest undeveloped copper and molybdenum deposits with estimated resources of approximately 6 billion tonnes of ore , with average grades of 0.43% copper, 2.2 g/t silver and 130g/t molybdenum.

Agua Rica, in Catamarca, holds approximately 1.2 billion tonnes of ore containing copper, gold, silver, and molybdenum, with average grades of 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. with plans to process ore through the nearby Alumbrera facilities, giving rise to the MARA project.

Together, these projects not only strengthen Argentina’s position in global mining but also reinforce Glencore’s commitment to driving long-term, sustainable growth in the region.