Minas Argentinas S.A. (MASA), part of Aisa Group, has been assigned an A+(arg) rating with a Stable Outlook by FIX SCR, an affiliate of Fitch Ratings, in recognition of its financial soundness, cash flow predictability, and operational discipline. This is one of the highest ratings in the Argentine market and confirms the success of the company’s transformation process initiated in September 2023.
By Panorama Minero
Following a change in ownership, MASA reversed the closure process at the Gualcamayo mine, located in San Juan, fully restructured operations, and restored sustainable production levels. The company currently reports zero leverage, financial debt below US$ 1 million, and audited financial statements by PwC, with net equity exceeding US$ 200 million.
Juan José Retamero, President of MASA and founder of Aisa Group, stated: “The A+(arg) rating and PwC audit confirm a profound and measurable shift. MASA is once again a sector benchmark, with financial discipline and a technically validated foundation at the international level.”
Echoing this, Gabriel Corvo, General Manager of the company, noted: “We turned a crisis into a growth platform through prudence, method, and respect for the rules. This recognition reflects a management model that combines technical expertise, transparency, and predictability.”
The FIX SCR report highlighted the Deep Carbonates Project (DCP) as the cornerstone of the company’s new growth phase. This initiative will extend Gualcamayo’s life by more than 20 years, with staged investments beginning in 2027, under a conservative financing structure aligned with international governance standards.
“In two years, we went from a closure process to an operation with solid growth and strong cash flow. The DCP and exploration are the pillars of a responsible, long-term investment,” added Ricardo Martínez, MASA’s CEO.
“Minas Argentinas reaffirms its commitment to operate with discipline, transparency, and safety, generating sustainable value for San Juan and Argentina. The company exports 100% of its production, promotes the development of local suppliers, and maintains an active commitment to the community and the environment.”
