Mendoza is incorporating into its mining framework a specific financial instrument for the exploration stage: a closed-end mutual investment fund called “Impulsando Exploraciones.” The vehicle has been structured with a projected total capital range of between US$2 and US$100 million, with subscriptions in dollars and under the regime of the National Securities Commission (CNV). During the latest investment forum held in the province, its structure and operating logic were detailed, while awaiting CNV approval.
By Panorama Minero
The function of the fund is to gather private capital and invest it indirectly in exploration projects in Mendoza, mainly in the southern part of the province and with a focus on copper. The strategy aims to finance the highest-risk stage of the mining business through financial mechanisms, rather than through direct operational management.
The scheme is based on three central actors. The management company — Max Asset Management S.A., according to the presentation — is responsible for the overall administration of the vehicle, defines the investment policy, and executes decisions.
The depositary company — Banco Comafi S.A. — performs custody and asset control functions, ensuring that operations comply with the regulations and applicable rules.
Impulsa Mendoza acts as investment advisor, with a technical and strategic role: it analyzes the universe of available properties in the province, evaluates opportunities, and proposes positioning alternatives.
The structure operates under the supervision of the National Securities Commission, which authorizes the public offering and oversees regulatory compliance.
Capital entry and units
The process begins with the subscription of co-ownership units by investors — individuals or legal entities — who transfer dollars to the fund and receive proportional participation in its assets.
This capital forms part of the assets managed by the management company and held in custody by the depositary. The investment selection process is then activated in accordance with the fund’s regulations.
Selection and channeling of investments
With available capital, Impulsa Mendoza identifies eligible assets based on geological criteria, project stage, legal structure, and technical potential.
The strategy contemplates diversification by number of properties and by geographic zones within the southern provincial mining district, aiming to distribute exploration risk.
The fund may invest through different instruments: purchase of shares in project-owning companies, participation in specific vehicles, subscription of corporate bonds, or financing through loans.
In all cases, the objective is to take an equity position in structures that develop mining exploration in Mendoza.
Horizon and expected return
The regulations establish an investment horizon of ten years, extendable. Mechanisms such as partial redemptions and potential market listing are contemplated to provide secondary liquidity, always subject to liquidity availability and realized results.
The geological performance of the financed assets will impact their valuation and, consequently, the net asset value of the fund and its units.
The creation of “Impulsando Exploraciones” introduces a new component into Mendoza’s mining ecosystem. Until now, exploration depended mainly on direct private capital or junior companies with access to external markets.
With this instrument, capital markets and exploration development begin to operate within the same regulated structure, incorporating a formal financial actor into the provincial framework.
