Argentina approves Glencore's $6.4 billion Agua Rica mining project under RIGI

The Argentine government has formally approved the entry of Glencore's Agua Rica mining project into the Régimen de Incentivo para Grandes Inversiones (RIGI), a major copper, gold, silver, and molybdenum development in Catamarca. The total declared investment is US$6,393.6 million, with US$3,310.6 million in computable assets Source: La República (CO). The project, also known as MARA, has an estimated lifespan of 23 years and is expected to produce 3.46 million tonnes of copper, 2.34 million ounces of gold, 41.16 million ounces of silver, and 99,854 tonnes of molybdenum Source: Clarín. Construction is scheduled to begin on November 1, 2027, with operations starting on October 1, 2031 Source: infobae.

Key investment commitments

• The company has committed US$771.5 million in computable assets during the first two years, exceeding the 40% minimum required by RIGI Source: Clarín.
• 54% of spending on suppliers, goods, and infrastructure will go to local providers, well above the 20% minimum Source: La República (CO).
• The project is expected to generate up to 3,500 construction jobs and 1,250 direct operational jobs, plus 3,750 indirect positions Source: La República (CO). Infobae reports a total of 8,200 direct and indirect jobs Source: infobae.

Regulatory and strategic context

The approval was formalized via Resolution 1854/2026 of the Ministry of Economy, published in the Official Gazette. The Foreign Ministry verified that neither the company nor its stakeholders violated Law 26.659 regarding prohibited conduct Source: Clarín. The Central Bank raised no foreign exchange objections Source: Clarín. The project was first announced during Argentina Week in Paris by President Javier Milei and Glencore CEO Gary Nagle, with an initial estimate of US$4,000 million Source: La República (CO). Glencore also has another major project, El Pachón in San Juan, with a US$9.5 billion first-phase investment Source: infobae.