Glencore submits RIGI applications in respect of its Argentine copper projects
Baar, Switzerland
18 August 2025
Glencore is pleased to announce that it has submitted applications for the inclusion of its 100% owned El Pachón and Agua Rica Projects (the “Projects”) in the Incentive Regime for Large Investments (“RIGI”) in Argentina, with an expected capital investment of US$4.0 billion to develop Agua Rica and US$9.5 billion to develop El Pachón (Phase 1) in the next decade1.
The Projects combined are expected to create more than 10’000 direct jobs during the construction phase and more than 2’500 direct jobs once operational. Upon approval by the relevant authorities, the Projects will have access to an attractive and long-term economic and investment framework as well as enhanced investor protections.
Gary Nagle, CEO, Glencore, commented:
“President Milei and his administration must be credited for introducing the RIGI. This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment to the country.
“Today’s submission marks a significant step towards the development of El Pachón and Agua Rica. It also deepens our longstanding commitment to Argentina, a country to which we have been a proud partner across multiple commodities for over two decades.
“We look forward to working with the Federal government and the respective administrations of San Juan and Catamarca to bring these projects to life, contributing to the provincial and national economies, and cementing Argentina’s position as one of the world’s leading mining jurisdictions.”
Martín Pérez de Solay, CEO of Glencore Argentina, commented:
“The RIGI provides a key platform for the development of Argentina’s significant natural resource endowment.
“I am confident that the mining sector can be a major contributor to the Argentinian economy with the El Pachón and Agua Rica projects supporting the country’s ambition to become one of the world’s leading copper producers.”
The El Pachón project (“El Pachón Project”) is a large-scale copper and molybdenum deposit located in the province of San Juan, Argentina. The project currently has estimated measured, indicated and inferred mineral resources of c.6 billion tonnes of ore, with average grades of 0.43% copper, 2.2 g/t silver and 130g/t molybdenum.
The Agua Rica Project ("Agua Rica Project") is a large-scale copper, gold, silver and molybdenum deposit located in the province of Catamarca, Argentina. The Agua Rica Project currently has estimated measured and indicated mineral resources of c.1.2 billion tonnes of ore, with average grades of 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. The project plans to use the Alumbrera processing facilities, located 35kms from the Agua Rica pit, for processing the ore, giving rise to the MARA project.
1) The current capital investment estimate at El Pachón (Phase 1) is between US$8.5 billion and US$10.5 billion, while for Agua Rica it is between US$3.5 billion and US$4.5 billion. For the purposes of the RIGI application, the capital estimate is taken as the mid-point of the ranges.
For further information please contact:
Investors
Martin Fewings
t: +41 41 709 28 80
m: +41 79 737 56 42
martin.fewings@glencore.com
Media
Charles Watenphul
t: +41 41 709 24 62
m: +41 79 904 33 20
charles.watenphul@glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 50 offices.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action Transition Plan, available on our website at glencore.com/publications.
Important information
This material does not purport to contain all of the information you may wish to consider. For further important information, including in connection with forward-looking statements and other cautionary information, refer to the Important notice section of Glencore’s 2024 Annual Report, which is available at glencore.com/publications. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
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