With increasingly advanced copper and gold projects, San Juan is consolidating itself as the epicenter of Argentina’s new mining cycle. Altar, Hualilán, and Los Azules reflect the renewed investor interest the country is generating following the implementation of the RIGI, improved access to financing, and a scenario of greater regulatory stability. During Expo San Juan Minera, executives from Aldebaran Resources, Challenger Gold, and McEwen Copper highlighted growing international confidence, the strategic role of copper, and the need to sustain State policies in order to transform geological potential into production, exports, and development.
By Panorama Minero
At different stages of advancement, the projects managed by Aldebaran Resources, Challenger Gold, and McEwen Copper are generating optimism within the sector. Company representatives Javier Robeto, Sonia Delgado, and Michael Meding provided details on the path each initiative is following in San Juan.
Driven by major copper projects such as Altar and Los Azules, and gold projects such as Hualilán, among others, San Juan is preparing to contribute decisively to the production and export leap Argentina’s mining industry is about to undertake.
Focused on certifying the economic prefeasibility of Altar, Aldebaran Resources is actively seeking financing. “We are extremely fortunate to have this project in San Juan. However, its enormous scale makes it difficult to secure financial backing, even though we have suitable geological conditions and the province supports mining development as a State policy,” stated Javier Robeto, VP & Country Manager of Aldebaran Resources, during his presentation at Expo San Juan Minera 2026.
In his view, the key lies in surrounding the project with strategic partners capable of enhancing the progress of large-scale initiatives. “In our case, we currently need financing for engineering work, where we will define certain parameters, in addition to rethinking, redesigning, and integrating the mine plan. At this specific stage, expenditures are becoming increasingly higher, which leads us to strengthen ties with international stakeholders. In that regard, we have a joint venture with South African company Sibanye-Stillwater. We own 80% of Altar, while they hold the remaining 20%,” he explained.
Forming strategic alliances, he asserted, means adding value, gaining financial support, and incorporating know-how. “We also maintain a healthy relationship with our Australian investor South32. And we closely follow the trade agreements being signed with countries such as the United States, where the fund that is our majority shareholder is based,” he highlighted.
The goal, he anticipated, is to complete the prefeasibility and feasibility stages of the project. “That will provide us with a greater horizon of financial predictability,” he projected.
Regardless of the difficulties associated with capital markets, he emphasized that expectations remain favorable. “Argentina in general and Altar in particular, generate significant interest. Those already supporting us want to continue doing so, and there are many investors closely watching the possibility of joining the project’s development,” he affirmed.
The Startup of Hualilán
Hualilán represents the first gold mine entering production in San Juan after 17 years. “We started processing ore on May 1, and in the coming days we will obtain the first gold pour. We are very proud of the results achieved,” stated Sonia Delgado, Executive Director of Challenger Gold.
This level of progress, she explained, is far from accidental. “Many variables aligned to reach this point. The first clear and positive signal was that mining became part of the national government’s agenda, even during the campaign. We were surprised to see such open support for the mining industry as a platform for development and growth for our country, our provinces, and our communities,” she emphasized.
Over time, she confirmed, promises became reality through regulations such as the Large Investment Incentive Regime (RIGI) and changes related to the Glacier Law. “In terms of financing, meanwhile, there has been increasing strategic support at a global scale. In difficult times, support from major international funds is essential. In addition, we are seeing a strong investment commitment from Argentine capital,” celebrated Sonia Delgado, who noted that she had participated in the recent Casposo reactivation ceremony, a restart that involved a US$15 million investment by Austral Gold.
McEwen Copper’s Long-Term Relationships
Michael Meding, CEO of Los Azules – McEwen Copper, revealed that Los Azules is currently in the phase of making a construction decision by the end of this year. “The idea is to begin works in 2027—that is, within seven months. We will build the road, the power line, and the camp. Between 2028 and 2030, the construction boom will take place,” he anticipated.
Meding acknowledged that San Juan has always been a province with social license and financial support for mining. “We will need international markets and different credit institutions because the Buenos Aires Stock Exchange will not provide such a large amount of money,” he emphasized.
It will be necessary, he explained, to convince financiers that Argentina is a market where long-term business relationships can be established. “It is not simply about financing a truck. It is about financing a truck that then leads to a commercial relationship lasting more than 10, 15, or 20 years. In that sense, building in mining means building long-term relationships. That creates a tremendous opportunity to establish bilateral ties,” he stated.
The Importance of Dialogue and Synergies
Javier Robeto insisted that the dialogue platform proposed by the San Juan government for companies investing in local mining is a highly valuable tool. “We really appreciate being invited, exchanging opinions, and agreeing on next steps. We recently met with representatives of Energía Provincial Sociedad del Estado (EPSE) to analyze the progress of energy interconnection works that are essential for the activity. When we must prepare internal reports to comply with financial and stock exchange requirements in Canada, we are obliged to assume we are independent actors, but in practice there are many synergies. Dialogue spaces make it possible to achieve very positive results,” he said.
To continue growing, he anticipated, ingenuity and creativity will need to be intensified. “Compared with nearby countries such as Chile or Peru, the Argentine market has become very competitive thanks to tools such as the RIGI. However, we are still three decades behind Chilean infrastructure. We must be strategic and determine how to maximize resources for what is coming, which will be enormously challenging,” he warned.
A Pioneer Company in Environmental Matters
According to Sonia Delgado, the work being carried out by Argentina’s National Mining Secretariat deserves recognition, particularly in traveling throughout the country, coordinating efforts among different actors, and helping resolve conflicts. “Thanks to these factors, we are witnessing the second boom of Argentine mining,” she stated.
An additional boost, she acknowledged, came from the global environment, especially regarding increasingly favorable commodity prices. “The stronger cash flow outlook helped us reduce the project’s financial risk. At the same time, we managed labor efficiently and focused on raising our environmental standards, making ourselves more attractive to the market. Today we are the only company in Argentina that has certified carbon neutrality for three consecutive years. And we are moving toward a fourth year,” she emphasized.
For Argentine mining to continue expanding through major productive initiatives, she stressed that it will be vital to maintain continuity in the State policies currently underway. “We still have a great deal of work to do in order to build greater predictability and trust among investors,” she concluded.
Positive Results from the New Scenario
Over the last two years, Michael Meding detailed, there has been a clear improvement in access to financing. “The situation has changed by 180 degrees. Before, when I gave a presentation, people would say, ‘Very interesting project, too bad it’s in Argentina.’ Today that has changed. There is greater access to the market and greater freedom to use foreign currency,” he celebrated.
The new scenario, he continued, is already translating into positive results. “There is greater confidence from shareholders. That makes me look to the future with optimism,” he said enthusiastically.
In San Juan, he added, efforts are being combined to facilitate mining development. “Authorities act as facilitators of investment, while the San Juan Mining Chamber (CMSJ) serves as a bridge between operators and suppliers to address the different needs of the projects,” he summarized.
In his view, there are provinces where the State cannot afford to build a mine, but can support the development of new infrastructure. “Argentina is a country with a very large territory and a comparatively limited population. What stands out here is that permits to build a mine can be obtained relatively easily. Bureaucratic timelines are reasonable, unlike what happens in other markets,” he described.
In his opinion, the reforms being implemented by the national government and the support for the sector from authorities such as those in San Juan make everything simpler. “There are good channels of dialogue with high-ranking officials. That favors the establishment of consensus when pursuing financing. Beneficial international public-private relationships can be created,” he concluded.
