Glencore reported that Agua Rica received approval to enter the Large Investment Incentive Regime (RIGI), providing predictability for an estimated capital investment of US$4 billion. The National Government’s decision comes as the company moves forward with the reactivation of Minera Alumbrera, integrated into the MARA project, which currently employs around 2,000 people in Catamarca.
By Panorama Minero
In a statement, Glencore considered that the approval strengthens Catamarca’s potential to generate employment, expand its supplier network and promote local development opportunities. The company described RIGI as a significant milestone for long-term investment in Argentina, as it provides a framework of stability and predictability to advance the evaluation, financing and development of the project. The company itself clarified that this progress is subject to compliance with the applicable technical, environmental and regulatory stages.
Martín Pérez de Solay, CEO of Glencore Argentina, described the approval as “an important milestone for Agua Rica” and as a sign of confidence in the country’s long-term investment framework. In his view, the regime provides “the fiscal and regulatory certainty needed to commit capital of this magnitude.”
MARA currently employs around 2,000 people, most of whom are from Catamarca; and during the construction stage, a peak of 3,500 workers is expected.
In addition to direct employment, the company is focusing on the supplier network. According to Pérez de Solay, the project contributes to creating skilled employment and deepening local supply chains.
Alumbrera, a Link
The RIGI approval comes in parallel with the reactivation of Alumbrera and the bringing forward of its first production, scheduled for the second half of 2027. Glencore describes this restart as a “natural enabler” for the development of MARA, because it reduces risks through prior experience, logistics and operational readiness.
Added to this is the use of existing infrastructure for processing ore from Agua Rica, a point that the company presents as part of the project’s development rationale.
“This is an important milestone for Agua Rica and a clear sign of confidence in Argentina’s long-term investment framework, helping to support its ambition to become one of the world’s leading copper producers. RIGI provides the fiscal and regulatory certainty needed to commit capital of this magnitude. We thank the national authorities and the Province of Catamarca for their strong commitment throughout the process. Together with the restart of Alumbrera and our plans for El Pachón, Argentina represents a key pillar of Glencore’s copper growth, while creating skilled employment, deepening local supply chains and delivering the copper required by the energy transition,” Pérez de Solay highlighted.
