The Casposo mine, located in Calingasta, resumed operations after six years of inactivity, driven by an investment exceeding US$15 million by Austral Gold. Its reactivation not only restores gold production, but also introduces a regional hub model aimed at optimizing infrastructure, attracting associated projects, and strengthening San Juan’s mining profile.
The project will have a direct impact on the local economy, generating more than 300 jobs and involving a strong participation of San Juan-based labor, while also revitalizing the supplier chain. The company highlighted that stability, legal certainty, and the new economic environment are key factors for sustaining investment, while projecting exports of approximately US$60 million for 2026.
By Panorama Minero
After a six-year period under care and maintenance, the Casposo mine, located in Calingasta, San Juan, has resumed productive operations. This milestone, led by Austral Gold Ltd., represents not only the return to activity of a highly significant deposit, but also the consolidation of an operational model known as a regional hub, aimed at boosting San Juan’s economy and strengthening Argentina’s position in the international mining market.
The reopening was celebrated during an official event attended by key authorities, including Governor Marcelo Orrego and Argentina’s Secretary of Mining, Luis Lucero. The project is being restarted thanks to an investment of more than US$15 million, allocated to exploration activities and the full refurbishment of the processing plant.
According to company projections, Casposo has an estimated mine life of between six and seven years, with expected production of around 120,000 gold equivalent ounces.
Eduardo Elsztain, Chairman of Austral Gold, was one of the central figures at the celebration and offered an in-depth perspective on what this restart means for the company. The executive stated that this achievement is the result of more than a decade of sustained work, which, in his view, validates the importance of maintaining a long-term vision in the mining sector. Elsztain linked the relaunch of Casposo to his personal and business trajectory, recalling that his interest in investing in precious metals such as gold and silver dates back to the 1980s, forming part of a journey spanning more than thirty years.
The executive emphasized that a country’s true wealth does not lie in keeping assets hidden or inactive, but in the ability to mobilize them through coordinated work. For the company chairman, the primary objective is for this asset to translate into tangible benefits for the province, the nation, and especially for the workers involved in the operation. He highlighted the project’s direct impact on foreign currency generation, estimating that Casposo’s exports alone could reach approximately US$60 million in 2026.
Elsztain also reflected on the resilience required to operate in complex economic contexts. He mentioned that the management team had to overcome extremely difficult periods marked by exchange rate gaps, export duties, and exchange conditions that at times seemed insurmountable. Nevertheless, he stressed that Argentina’s current environment shows signs of greater seriousness and openness to confidence, pointing out that San Juan stands out today as one of the friendliest and most favorable jurisdictions for mining development.
One of the main points emphasized by the executive was the importance of legal certainty and stability in attracting and maintaining investment. Elsztain shared an anecdote about participating in an international conference in Canada, where, before leaders of the world’s largest corporations, he defended Argentina’s potential and the need for a currency capable of preserving value over time. In his view, the presence of several governors at the so-called Copper Table, delivering a unified message about change in the country, sends a strong signal to global markets.
From an operational standpoint, Casposo will not function as a traditional mine, but rather as a processing hub that will receive third-party ore, such as material from the Hualilán project. This strategy allows the optimization of existing infrastructure and ensures employment sustainability in the region. The mine supports more than 300 direct and indirect jobs, 99% of which are filled by workers from San Juan, with a strong participation from Calingasta residents. The reactivation has also had an immediate impact on the local supplier chain, integrating companies into this productive cycle.
Finally, the president of Austral Gold described the reopening day as a moment of joy and great personal and spiritual significance. He compared Casposo’s process to a long journey finally reaching the light, emphasizing that this is only the beginning of a growth cycle that seeks to match or surpass the results of other major energy and mining developments in the country.
