Argentina Backs Glencore's MARA Copper Project

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Glencore's MARA copper project, which is forecasted to produce 200,000 tonnes of contained copper per year, has received RIGI approval, joining Vicuna, Los Azules, and PSJ Cobre.

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Startup Date Moves Up

Glencore announced that its Minera Agua Rica - Alumbrera copper project (MARA) has been accepted into Argentina's Incentive Regime for Large Investments (RIGI), with production expected to begin in the second half of 2027.

The MARA project is a large-scale copper, gold, silver and molybdenum project with the capacity to produce 200,000 tonnes of contained copper per year during its first 10 years of operations. It has an estimated mine life of 28 years.

MARA integrates the Agua Rica deposit and the Alumbrera mine and processing plant, with associated infrastructure. Glencore is working to restart the Alumbrera mine, with its new startup date exceeding the previous guidance for the first half of 2028.

Industrial Info Resources offers more information on Alumbrera in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in a plant profile and project report.

The Agua Rica deposit is located about 35 kilometers from the Alumbrera mine. Agua Rica, unlike Alumbrera, requires the development of a new mine, with its ore to be transported to Alumbrera's processing facilities through a conveyor to be processed.

Agua Rica is expected to be operational by the end of 2030. Readers can learn more from a detailed plant profile and project report.

According to the Industrial Info Resources data, investments for all projects included under MARA are forecasted to total roughly US$4.8 billion.

"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," said Martin Perez Solay, the chief executive officer of Glencore Argentina, in a statement.

The RIGI offers tax, legal, foreign exchange, and customs incentives for qualifying projects in specific sectors with minimum investments of US$200 million.

More than MARA

In addition to MARA, Glencore has submitted its El Pachon copper project for RIGI consideration. It is expected to have a production capacity of 350,000 tonnes of contained copper per year over a mine life of 25 years.

Glencore estimates El Pachon's total capital investments during its first phase to reach between US$8.5 billion and US$9.5 billion. Readers can consult a detailed plant profile and project report.

"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," Perez Solay said.

Besides MARA, McEwen's Los Azules, Minera San Jorge's PSJ Cobre, and Lundin and BHP's Vicuña projects are the other copper developments approved so far under the RIGI.

Readers can consult detailed lists of project reports regarding Los Azules, PSJ Cobre and Vicuña.

The RIGI has helped attract international copper miners to Argentina's vast resources. Earlier this year, Michael Meding, the managing director of McEwen Copper, forecasted that Argentina could provide up to 15% of the global copper supply deficit by 2040 with its top six projects. For Meding, these developments, including El Pachón and MARA, could add 1.5 million tonnes of copper per year by 2035, with the possibility of further expansions.

Industrial Info Resources is tracking 61 copper-mining projects in Argentina, with a total investment value (TIV) of more than US$37 billion. Readers can learn more from a list of reports.

Key Takeaways

• Glencore's MARA project is approved under the RIGI.
• MARA integrates the Alumbrera mine and the Agua Rica deposit.
• Industrial Info Resources is tracking 54 copper-related projects in Argentina representing more than US$37 billion of investment.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).