Glencore secures RIGI benefits for MARA project in Argentina
Diversified miner Glencore has received approval for the Minera Agua Rica – Alumbrera (MARA) project under Argentina’s Incentive Regime for Large Investments (RIGI).
RIGI is a national legal framework to attract multimillion-dollar investments through a 30-year guarantee of tax, customs, and regulatory stability.
For Glencore, having a project qualifying for RIGI is a significant milestone and helps advance the country's ambition to be one of the world's leading copper producers.
"The RIGI provides the fiscal and regulatory certainty needed to commit capital of this scale, and we thank the national authorities and the province of Catamarca for their constructive engagement throughout the process. Together with the restart of Alumbrera and our plans for El Pachón, Argentina represents a key pillar of Glencore’s copper growth, supporting our efforts to enable skilled employment, build local supply chains and deliver the copper the world requires," says Glencore Argentina CEO Martín Pérez de Solay.
The project plans to use the Alumbrera processing facilities, located 35 km from the Agua Rica pit, for processing the ore, giving rise to the MARA project. The project has the potential to produce more than 200 000 t/y of copper in concentrate on average during its first ten years of operation. The total mine life is projected to be 27 years.
The project was first formed through the integration of the Minera Alumbrera plant and mining infrastructure and Agua Rica project in a joint venture between Yamana Gold, Glencore and Newmont in December 2020.
Glencore acquired Newmont’s 18.75% stake in October 2022, bringing its shareholding to 43.75%. Pan American acquired Yamana Gold’s 56.25% stake as part of its acquisition of Yamana Gold in March 2023, with Glencore subsequently acquiring full ownership of the project in July 2023.
