Argentina’s Ministry of Economy estimates 8,200 direct and indirect jobs during the construction and operational stages of the integrated project in Catamarca.
By Panorama Minero
The integrated MARA (Minera Agua Rica-Alumbrera) project, owned by Glencore, has officially been approved for inclusion in the Large Investment Incentive Regime (RIGI). Argentina’s Ministry of Economy highlighted that the project involves total investment of US$6.394 billion across all stages of the mine. Located in Catamarca, the project will produce copper, gold, silver and molybdenum.
The national Ministry of Economy also indicated that 8,200 direct and indirect jobs are expected to be generated during the construction and operational stages.
What the Resolution Establishes
Resolution 1854/2026 of the Ministry of Economy, signed by Luis Caputo, approves the RIGI application and investment plan submitted by Minera Agua Rica LLC, Argentine Branch, the holder of the single project designated Agua Rica. The resolution was issued on 25 October 2026 and published in the Official Gazette on 27 October.
The project involves the large-scale development and production of a copper, gold, silver and molybdenum deposit in Catamarca, northwestern Argentina.
The resolution classifies it within the mining sector, under the first- and second-category minerals subsector of the Mining Code, excluding potassium and lithium. According to the document, the Secretariat of Mining will oversee the company's compliance with its obligations.
Investment, Timelines and Production
Under the approved plan, total investment amounts to US$6,393,631,995, of which US$3.31 billion comprises eligible assets under the regime.
The company must demonstrate a minimum investment of 40% during the first two years following notification, with a deadline of 31 December 2028. The registration date for entry into the regime was 30 September 2026.
Construction is expected to begin on 1 November 2027, with operations scheduled to commence on 1 October 2031. The project has an estimated mine life of 23 years, during which 780 million tonnes of ore are expected to be processed.
Production projections submitted by the company indicate an average of approximately 160,000 tonnes of copper concentrate per year, with gold, silver and molybdenum as by-products. These figures are projections rather than actual production.
A “Significant Milestone”
Glencore described the approval as a milestone. According to the company's CEO in Argentina, Martín Pérez de Solay, “RIGI approval is a significant milestone for MARA.”
The company stated that the project has the potential to produce more than 200,000 tonnes of copper in concentrate annually during its first ten years of operation. Its statement did not include investment or employment figures for MARA.
In September, at a critical minerals forum held in Buenos Aires, the same executive had reported that Agua Rica (MARA) involved an investment of US$4 billion, submitted as part of its RIGI application in August 2025. At the forum, he stated at that forum that investment rules “must extend beyond a political cycle.”
Glencore plans to reactivate Alumbrera as a preliminary step towards MARA.
According to the company, first production at Alumbrera is now expected in the second half of 2027, rather than the first half of 2028. Approximately 2,000 people are working on the operation, most of them from Catamarca.
The company maintains that reactivation reduces commissioning risks, enables the retention and retraining of the workforce, and preserves shared infrastructure.
MARA will use Alumbrera's processing facilities, located 35 kilometres from the Agua Rica deposit.
