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1h ago

Glencore Details Argentina Copper Push Under RIGI, Targeting Early‑2030s Output

Executives cite a looming copper supply gap as they size MARA and El Pachón at multibillion‑dollar scales under Argentina’s incentive regime.

José Del Rio (LA NACION) dialogó con Diego Christensen, socio de EY Argentina, donde lidera el desarrollo del Centro de Excelencia de Energía
Ricardo Gerk (Banco Comafi), Carla Quiroga (LA NACION) y Manuel Frávega (Beccar Varela)
"Las ventajas comparativas de Argentina son los recursos", Flavia Royón (exsecretaria de Energía de la Nación).
El economista Nadav Rajzman analizó la actualidad del sector minero

Overview

  • Glencore confirmed that MARA (Agua Rica) and El Pachón have been filed for admission to Argentina’s RIGI and are now in exchanges with the evaluation committee.
  • The company outlines first‑phase capital of about US$4 billion for MARA and US$9.5 billion for El Pachón, with El Pachón potentially scaling above US$20 billion over later stages.
  • Projected start‑up timelines place MARA around 2031 and El Pachón around 2033–2034, aiming to come online near the expected global demand peak.
  • Financing plans contemplate up to roughly 60% debt and discussions with multilateral lenders, with the company open to adding partners to the projects.
  • Glencore frames Argentina as a priority copper platform due to RIGI’s fiscal and FX advantages and points to ancillary infrastructure works, including new access bridges in San Juan and broader rail and energy upgrades.