Glencore wins RIGI approval for $4 billion Agua Rica project 

Glencore, the Swiss commodities group led by South African executive Gary Nagle, has secured approval under Argentina’s Incentive Regime for Large Investments (RIGI), for its Minera Agua Rica-Alumbrera (MARA) project in Catamarca, clearing a regulatory hurdle for the proposed copper development expected to require about $4 billion in capital. The decision supports Glencore’s plans to expand its copper business while using existing infrastructure at Alumbrera.

The approval comes as Glencore advances the restart of Alumbrera, with first production now expected in the second half of 2027, earlier than the company’s previous first-half 2028 guidance. The operation currently supports nearly 2,000 jobs, most held by workers from Catamarca, according to the company.

Argentine President Javier Milei and Glencore Chief Executive Officer Gary Nagle announced an agreement to develop the project during Milei’s visit to France. The announcement adds to Argentina’s efforts to attract large-scale mining investment as the government seeks to expand copper production and increase exports.

Alumbrera restart cuts risk 

Glencore plans to use the Alumbrera restart to prepare for MARA, helping reduce ramp-up risks around processing and logistics. The company also expects to retain and retrain workers before MARA reaches first ore, while keeping critical infrastructure operating for facilities that are expected to be shared by both projects. 

Martín Pérez de Solay, CEO of Glencore Argentina, said RIGI approval was a significant milestone for MARA and reflected confidence in Argentina’s investment framework. He said the regime provides fiscal and regulatory certainty for projects requiring large amounts of capital and thanked national and provincial authorities for their engagement.

$4 billion copper bet 

The Agua Rica development is expected to attract about $4 billion of capital, with $771 million projected during its first two years, according to figures disclosed by Glencore. The company plans to finance the project through a combination of equity contributions and debt as it advances development in Catamarca. 

MARA is expected to have annual copper production potential of about 200,000 metric tons, with projected exports of roughly $2.17 billion a year. The project will process ore at Alumbrera before transporting concentrate through a pipeline to Tucumán and by rail to the port of Rosario for international markets.

Argentina’s copper plans expand 

Agua Rica is a large copper, gold, silver and molybdenum deposit in Catamarca. Glencore estimates measured and indicated resources at about 1.2 billion metric tons of ore, grading 0.47% copper, 0.20 grams of gold per metric ton, 3.40 grams of silver and 0.03% molybdenum. 

The MARA project is designed to process Agua Rica ore at Alumbrera’s facilities, located about 35 kilometers from the Agua Rica pit. Glencore says MARA could produce more than 200,000 metric tons of copper in concentrate annually on average during its first 10 years, making it a major planned addition to its portfolio.

Glencore builds copper pipeline 

Glencore, one of the world’s largest diversified natural resource companies, operates in more than 30 countries and produces, processes, recycles, sources and markets more than 60 commodities. Its businesses supply industries including automotive, steel, power generation, batteries and oil, while its Argentina portfolio also includes plans to advance the El Pachón copper project. 

The company has also secured regulatory approval to extend the life of its Hunter Valley Operations coal mine in Australia, potentially keeping part of the operation running until 2045. The move comes as Glencore balances investments across copper and other commodities while developing projects intended to support future production.