El Pachón in San Juan province and Agua Rica in Catamarca province rank among the world’s greatest undeveloped copper projects.
By Panorama Minero
Glencore is pleased to announce that it has submitted applications for the inclusion of its 100% owned El Pachón and Agua Rica Projects (the “Projects”) in the Incentive Regime for Large Investments (“RIGI”) in Argentina, with an expected capital investment of US$4.0 billion to develop Agua Rica and US$9.5 billion to develop El Pachón (Phase 1) in the next decade.
The Projects combined are expected to create more than 10,000 direct jobs during the construction phase and more than 2,500 direct jobs once operational. Upon approval by the relevant authorities, the Projects will have access to an attractive and long-term economic and investment framework as well as enhanced investor protections.
Gary Nagle, CEO, Glencore, commented:
“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 across multiple commodities for over two decades.
“We look forward to working with the Federal government and the respective administrations of San Juan and Catamarca to bring these projects to life, contributing to the provincial and national economies, and cementing Argentina’s position as one of the world’s leading mining jurisdictions.”
Martín Pérez de Solay, CEO of Glencore Argentina, commented:
“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.”
The El Pachón project (“El Pachón Project”) is a large-scale copper and molybdenum deposit located in the province of San Juan, Argentina. The project currently has estimated measured, indicated and inferred mineral resources of c.6 billion tonnes of ore, with average grades of 0.43% copper, 2.2 g/t silver and 130g/t molybdenum.
The Agua Rica Project ("Agua Rica Project") is a large-scale copper, gold, silver and molybdenum deposit located in the province of Catamarca, Argentina. The Agua Rica Project currently has estimated measured and indicated mineral resources of c.1.2 billion tonnes of ore, with average grades of 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. The project plans to use the Alumbrera processing facilities, located 35kms from the Agua Rica pit, for processing the ore, giving rise to the MARA project.
