Glencore Meets Catamarca's Governor to Discuss MARA, RIGI

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Glencore's (Baar, Switzerland) head in Argentina and Catamarca's governor met to discuss the development of the MARA copper project. The mining company is considering adhering the project to Argentina's new Incentive Regime for Large Investments (RIGI), according to a statement from the regional government.

The MARA project encompasses the Alumbrera mine and the Agua Rica deposit in Argentina's Catamarca province. The asset has a proven and provable mineral reserve of 5.4 million tons of copper and 7.4 million ounces of gold in 1.1 billion tons of ore. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can learn more by viewing the project report.

The mine would have a life of 27 years based on current resources, and it is ranked as one of the world's lowest capital-intensive copper projects due to the Alumbrera processing plant and other infrastructure already in place.

The mine is expected to have an output over 200,000 tons of copper yearly in the first decade.

Glencore acquired Anglo American plc (London, England)'s 56.25% of the MARA project in 2023 for US$475 million.

International interest in Argentina comes not solely from its resources but also from its new benefits for mining businesses. The current government announced last year the creation of the RIGI, which aims to attract major investments to the country in exchange for legal and fiscal benefits.

The minimum investment to qualify for the RIGI is US$200 million for mining projects. However, investments above the US$2 billion mark qualify as Long-Term Strategic Export projects, which receive even greater benefits.

Glencore's is evaluating adhering the MARA project to the RIGI.

"Glencore seeks to develop world-class projects aligned with its purpose of continuing to contribute to building a more evolved world through innovation, best practices, and talent. We work to generate a positive impact on the local and national economy with the conviction that Argentina can and should become one of the main centers of mining interest in the region," highlighted Martin Perez de Solay, Glencore Argentina's chief executive officer.

Genclore has reported a drop of 30% in its copper production in the first quarter of 2025, compared to the same period last year, though it expects recovery from the lower output.

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 validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).