Glencore Argentina Copper Projects under Rigi Signal $13.5bn Shift

Glencore

Glencore Argentina copper projects under Rigi advance with a $13.5bn plan. The firm seeks Rigi incentives for two mines. The Rigi framework offers 30 years of legal stability. Therefore, Glencore Argentina copper projects under Rigi gain tax and customs relief. The bid is the largest package submitted to date. As a result, Glencore Argentina copper projects under Rigi could reset national copper ambitions.

Rigi Catalysts and Project Scale

Rigi reduces taxes and duties for large investments. It also anchors predictable rules for three decades. Glencore proposes $9.5bn for El Pachón in San Juan. Agua Rica adds $4bn in Catamarca province. Both deposits include copper with gold, molybdenum, and silver. Management praised President Milei’s policy shift. The incentive program launched in 2024 and is expanding.

Argentina’s Copper Reset and Lithium Context

Argentina ended copper production in 2018. However, the country still holds sizable copper reserves. New projects could restore refined output over time. Meanwhile, Argentina is rising in global lithium. Production reached 18,000t in 2025, per USGS data. Approved Rigi projects span lithium, solar, LNG, oil, and steel. Therefore, midstream and mining investments are converging.

The Metalnomist Commentary

Rigi de-risks capex and timelines, which attracts major balance sheets. Yet execution still depends on permits, power, water, and offtakes. Watch EPC awards and community agreements to gauge bankability.