Glencore has filed applications to include two of its copper projects in Argentina’s investment incentive program. The projects, El Pachon in San Juan province and Agua Rica in Catamarca, represent a combined capital expenditure estimated at more than $US13 billion ($20 billion). The Switzerland-based commodities firm is seeking the tax, customs and currency exchange benefits offered under the government’s program, known as Rigi. Glencore is a diversified natural resource company, mining and trading commodities such as copper, nickel, and coal. It operates globally, connecting producers and consumers of essential resources.
Glencore joins an increasing number of mining companies seeking access to the program in Argentina. The country, once seen as risky for foreign investment due to capital controls and state intervention, is now regaining corporate confidence. President Javier Milei is offering a framework designed to safeguard capital commitments, making Argentina more attractive to international investors.
Glencore chief executive officer Gary Nagle stated that the framework has changed the investment landscape in Argentina, serving as a key catalyst for attracting major foreign investment. He added that the submission marks a significant step towards the development of El Pachon and Agua Rica.
El Pachon and Agua Rica are anticipated to require investments of $US9.5 billion and $US4 billion, respectively, if Glencore decides to proceed with their development. Economy Minister Luis Caputo noted in a post on X that these projects bring the total number of Rigi applications to 20, totalling $US33.6 billion.
