Glencore Targets One Million Tons of Annual Copper Output from Argentina Projects
Glencore Plans $13.5bn Investment to Position Argentina as Major Global Copper Supplier
BUENOS AIRES – Mining and trading giant Glencore is planning to produce nearly one million tons of copper annually from its El Pachón and Agua Rica projects in Argentina within the next 10 to 15 years, the company’s Argentina CEO Martín Pérez de Solay said on Thursday.
Argentina currently produces no copper, but several major mining companies are advancing projects that could transform the country into a key global supplier of the metal.
Earlier this week, Glencore applied for its Argentina projects to qualify under the government’s Large Investment Incentive Regime (RIGI).
The company outlined plans to invest $4 billion in Agua Rica and $9.5 billion in El Pachón.
Pérez de Solay said initial production from the projects could reach 500,000 metric tons of copper annually, with El Pachón offering significant potential for future output growth.
“Glencore could be producing close to one million tons of copper in Argentina in 10 to 15 years,” he told an event hosted by the Council of the Americas.
While no specific production start date was provided, Pérez de Solay expressed confidence that global copper prices would remain strong by the time Argentina’s output enters the market. He noted that global demand is expected to hit 35 million tons by 2035.
According to Pérez de Solay, seven major copper projects in Argentina could collectively deliver two million tons of copper annually within a decade, requiring $35–45 billion in investment.
He emphasized that two-thirds of this investment would remain in Argentina, helping stabilize the country’s foreign exchange reserves. Annual copper exports from these projects could reach $20 billion, boosting national revenues.
Argentina has not produced copper since the closure of the Bajo de la Alumbrera mine in 2018. The development of Glencore’s projects—alongside others planned in the country—signals a potential revival of the sector, positioning Argentina as a strategic player in the global copper supply chain.
