Argentina’s copper sector could undergo a significant expansion in production capacity during the next decade, according to a report by the National Directorate for Mining Promotion and Economics within the country’s Secretariat of Mining. The study reviews the project pipeline, resource base, exploration investment and potential export volumes associated with the development of large-scale copper operations.
By Panorama Minero
The report identifies nine copper projects in advanced development stages, representing a combined capital investment requirement exceeding US$28 billion. If these initiatives move forward, national copper production could exceed 1.5 million metric tons by 2035, positioning Argentina among relevant global suppliers of copper concentrates and cathodes.
According to the study, exports associated with this production level could surpass US$17 billion annually, reflecting a structural shift in the country’s mining export profile.
Copper project pipeline
The report identifies a portfolio of projects that constitute the core of the country’s projected copper expansion. These initiatives are primarily located along the Andean geological belt, where large-scale porphyry copper deposits are concentrated.
Argentina’s copper industry has remained without large-scale production since the closure of the Bajo de la Alumbrera mine in 2018. The current project pipeline reflects renewed development activity across several provinces.
As of the second half of 2025, the report identifies nine projects in advanced development stages, ranging from preliminary economic assessments to construction and advanced engineering phases.
This distribution across different development stages could enable gradual production growth over time, reducing the risk of simultaneous capital deployment and allowing incremental additions of processing capacity.
Key copper projects in Argentina
The report highlights a portfolio of copper initiatives across several provinces, with San Juan concentrating the largest number of projects, alongside operations in Catamarca, Salta and Mendoza.
In San Juan, the Altar project is currently at the preliminary economic assessment stage. The project reports resources of 14,456 kt of copper, an average grade of 0.43% Cu and an estimated capital investment of US$1.593 billion. Aldebaran Resources holds 80% of the project, with Sibanye-Stillwater owning 20%. Production of copper concentrate could begin around 2030, with an estimated mine life of 45 years.
Also in San Juan, El Pachón, fully controlled by Glencore, is advancing through the feasibility stage. The project reports resources of 25,400 kt of copper, an average grade of 0.5% Cu and estimated capital expenditures of US$9.46 billion. Production of copper concentrate is projected for 2034, with an estimated operating life of 24 years.
The Filo del Sol project, currently in pre-feasibility, reports resources of 31,746 kt of copper and an average grade of 0.41% Cu. The project is jointly controlled by Lundin Mining and BHP, with an estimated capital investment of US$1.805 billion and a projected start date around 2030, producing both copper concentrate and cathodes.
Another San Juan project, Josemaría, is currently under construction. The project involves an estimated US$4.061 billion investment, with 6,210 kt of copper resources and an average grade of 0.28% Cu. Also controlled by Lundin Mining and BHP, the operation is expected to begin production around 2029, with an estimated mine life of 19 years.
The Los Azules project, currently in feasibility, reports 11,521 kt of copper resources with an average grade of 0.4% Cu and estimated capital expenditures of US$3.168 billion. The project is controlled by McEwen Mining (47%), Stellantis (19%), and other partners. Production of copper cathodes could begin around 2030, with an estimated mine life of 28 years.
In Catamarca, the MARA project is advancing through the feasibility stage. The project reports 6,150 kt of copper resources, an average grade of 0.47% Cu and an estimated capital investment of US$4 billion. The project is operated by Glencore, with potential production beginning around 2031.
In Mendoza, the San Jorge project (PSJ Cobre Mendocino) is currently in the pre-feasibility stage. The project reports 1,199 kt of copper resources, an average grade of 0.48% Cu and estimated capital expenditures of US$559 million. The project is controlled by Zonda Metals (90%) and Grupo Alberdi (10%), with production projected around 2029.
In Salta, the Taca Taca project, controlled by First Quantum Minerals, is advancing through the feasibility stage. The project reports 11,657 kt of copper resources, an average grade of 0.43% Cu and estimated capital expenditures of US$3.583 billion. Production of copper concentrate is projected around 2029, with an estimated mine life of 32 years.
Finally, the report also references the restart of the Alumbrera operation in Catamarca, currently under care and maintenance. The project contemplates an estimated US$230 million investment, with potential production restarting around 2028 and an estimated operating period of four years.
Resources and reserves
The report notes that Argentina’s copper resource base supports the development of large-scale, long-life mining operations.
Recent estimates place identified copper resources at 115.76 million metric tons, while proved and probable reserves total approximately 17.15 million metric tons, equivalent to around 1.8% of global reserves.
This geological base supports projects capable of operating for several decades and sustaining substantial production volumes.
Exploration investment
The study also examines exploration spending as an indicator of future supply growth.
Exploration budgets targeting copper in Argentina have increased steadily since 2021, reflecting renewed exploration activity following the pandemic.
In 2024, exploration expenditures reached US$200 million, nearly doubling the previous year’s level. Argentina accounted for 6.3% of global copper exploration spending, compared with 1.2% in 2015.
With this level of investment, the country ranked as the sixth-largest jurisdiction worldwide in copper exploration budgets.
Production outlook
The report outlines a production trajectory associated with the commissioning of the advanced projects.
Initial production is estimated at approximately 5,000 tons in 2028, rising to 1.1 million tons in 2032 and reaching around 1.5 million tons by 2035.
During the early 2030s, average annual production could exceed one million tons, according to the projections included in the study.
Global positioning
If these projects are developed, Argentina could increase its position among global copper producers.
Official projections indicate that Argentina’s share of global copper production could reach nearly 2% by 2030, around 4% by 2032, and approximately 6.1% by 2035.
This level of production would place the country among relevant copper suppliers within the global market.
Exports and macroeconomic impact
Based on international price assumptions included in the report, copper exports could reach US$5.269 billion by 2030.
With additional projects entering production, exports could increase to approximately US$11.406 billion by 2032, before reaching peak levels in the following years once the project portfolio is fully operational.
At full capacity, projected exports exceeding US$17 billion annually would represent a significant source of foreign currency inflows.
The report also highlights the scale of capital requirements involved in the expansion of Argentina’s copper industry, with total investment needs exceeding US$28 billion across the project pipeline.
