At a Glance
- Glencore to reopen Alumbrera copper mine as Argentina boosts mining investment.
- Restart planned for 2028 amid stronger copper prices and clearer Argentina tax policy.
- Milei’s RIGI incentives draw global miners seeking stable, long-term copper supply.
Glencore said Wednesday it will restart its Alumbrera copper mine in northern Argentina by the end of next year, marking a return to a site that once supplied the country’s last major copper output before closing in 2018.
Restart set for 2028
The company said production at the Catamarca-based mine is expected to begin in the first half of 2028. The reopening follows months of internal reviews and talks with Argentine authorities, who have been courting foreign investment to revive the country’s mining industry.
Glencore said its decision reflects a more predictable tax framework and stronger support for long-term projects. It also pointed to higher copper and gold prices and steady market demand.
“The decision to resume operations is based on a tax regime that provides greater backing for investment in the Argentine mining sector, along with the rise in copper and gold prices and the positive outlook for both commodities,” the company said.
Milei’s investment push
Argentina’s libertarian president, Javier Milei, has pushed through a tax-break plan known as the Large Investment Incentive Regime, or RIGI, aimed at attracting major industrial and mining projects.
The program has drawn interest from global miners looking for stability and clearer rules before committing fresh capital.
Industry groups say copper plays a central role in Argentina’s broader economic plans, with global demand expected to stay high as automakers, power-grid developers, and technology firms secure long-term supply.
A return by a global heavyweight
Founded in the 1970s, Glencore has grown into one of the world’s largest resource companies. It employs about 150,000 people in 35 countries and supplies copper, nickel, cobalt and other metals used in electric vehicles, batteries and renewable-energy systems.
The company closed Alumbrera in 2018 after reserves were depleted, but rising prices and friendlier policies have revived its potential.
Local officials in Catamarca say the reopening could bring hundreds of jobs and fresh revenue to a region that has pushed for new mining activity.
For Glencore, the restart underscores a broader push to secure copper assets at a time when supply from traditional producers is tightening.
For Argentina, it signals a rare piece of good news as the government works to stabilize the economy and draw long-term investment back into the country.
