Glencore received approval for its Minera Agua Rica – Alumbrera (MARA) copper-gold project under the Incentive Regime for Large Investments (RIGI) in Argentina. The incorporation of Agua Rica into RIGI provides predictability for an estimated $4 billion, according to the company.

The approval comes as the company said it continues to make good progress on the restart of Alumbrera, with first production now expected in H2 2027, up from the original guidance of H1 2028. The restart of Alumbrera is a natural enabler for MARA. It is designed to reduce ramp-up risk for the concentrator and downstream logistics, maintain and retrain the workforce ahead of MARA’s first ore, and keep in operation critical infrastructure that is ultimately expected to be shared with MARA, thereby generating operational synergies.

“RIGI approval is a significant milestone for MARA and a clear sign of confidence in Argentina’s long-term investment framework, helping to underpin the country’s ambition to be one of the world’s leading copper producers. 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. 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,” said Martín Pérez de Solay, CEO of Glencore Argentina.

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