Glencore Secures Key Approval for US$4 Billion MARA Copper Project in Argentina
Glencore Advances US$4 Billion MARA Copper Project as Argentina Grants Strategic Investment Approval
Glencore has reached a major milestone in its copper growth strategy after securing approval for its MARA (Minera Agua Rica-Alumbrera) project under Argentina’s Large Investment Incentive Regime (RIGI), paving the way for one of Latin America’s largest undeveloped copper projects.
The approval provides the long-term fiscal and regulatory certainty required to advance the approximately US$4 billion project and reinforces Argentina’s growing position as a strategic destination for global mining investment.
The MARA project combines the vast Agua Rica copper deposit with the existing infrastructure of the former Alumbrera mine in Catamarca Province.
By integrating new mineral resources with established processing and logistics facilities, Glencore aims to reduce development risks, lower capital requirements and accelerate project execution.
The company is also making progress on the restart of the Alumbrera operation, with first production now expected in the second half of 2027, earlier than previous guidance of the first half of 2028.
The restart is expected to maintain critical infrastructure, preserve skilled employment and create operational synergies ahead of future MARA production.
Currently, nearly 2,000 people are working on the Alumbrera restart, with the majority drawn from the local Catamarca workforce.
Major New Source of Copper Supply
The Agua Rica deposit ranks among the largest undeveloped copper resources in South America, containing an estimated 1.2 billion tonnes of measured and indicated resources with average grades of 0.47% copper, alongside gold, silver and molybdenum credits.
Once operational, MARA is expected to produce an average of more than 200,000 tonnes of copper in concentrate annually during its first ten years of operation, positioning the project among Argentina’s most important future copper producers.
The project is anticipated to play a significant role in addressing the growing global demand for copper, which is being driven by electrification, renewable energy infrastructure, grid expansion, electric vehicles and emerging technologies.
Strategic Importance for Global Copper Markets
Glencore views Argentina as a key pillar of its long-term copper growth strategy. Alongside MARA and the planned restart of Alumbrera, the company continues to advance other projects in the country as part of its broader efforts to expand copper production at a time when analysts are forecasting future global supply deficits.
According to Martín Pérez de Solay, CEO of Glencore Argentina, the RIGI approval demonstrates confidence in Argentina’s investment framework and provides the stability needed to commit capital to large-scale mining developments.
For copper-producing nations such as the Democratic Republic of Congo, developments like MARA highlight the increasing global competition to bring new long-life copper assets into production as demand for critical minerals continues to accelerate. This comparison is industry context and not a claim made by the source.
