Glencore Seeks $13.5B Investment Boost for Argentine Copper Projects Under New Incentive Regime
Glencore Applies for Argentina’s RIGI Program to Advance $13.5 Billion El Pachón and Agua Rica Copper Projects
Commodities giant Glencore has submitted applications to include two of its flagship copper projects in Argentina—El Pachón and Agua Rica—under President Javier Milei’s new Incentive Regime for Large Investments (RIGI).
If approved, the projects could unlock $13.5 billion in development spending over the next decade.
The Switzerland-based miner confirmed Monday that it has applied for both projects, which it owns outright.
Planned capital investment includes $9.5 billion for El Pachón (Phase 1) and $4 billion for Agua Rica.
Glencore said the RIGI framework would secure “an attractive and long-term economic and investment environment,” while providing critical investor protections.
Glencore CEO Gary Nagle praised the policy shift:
“President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment.”
He added that the applications represent a “significant step” in advancing both projects and reinforce Glencore’s long-term commitment to Argentina, where the company has operated across multiple commodities for over two decades.
Project Highlights
El Pachón (San Juan Province): Holds an estimated 6 billion tonnes of ore grading 0.43% copper.
Agua Rica (Catamarca Province): Contains about 1.2 billion tonnes grading 0.47% copper, along with significant gold, silver, and molybdenum byproducts.
Agua Rica will leverage existing processing facilities at Alumbrera, located 35 km away, as part of the MARA project.
Together, El Pachón and Agua Rica are expected to generate over 10,000 direct jobs during construction and about 2,500 permanent positions once operational.
Glencore Argentina CEO Martín Pérez de Solay emphasized the strategic importance of the projects:
“The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment.
I am confident the mining sector can become a major contributor to the Argentinian economy, with El Pachón and Agua Rica supporting the country’s ambition to become one of the world’s leading copper producers.”
