Glencore Seeks $13 Billion in Incentives for Argentina Copper Projects

Glencore Pushes for Rigi Inclusion in Strategic Copper Expansion

Glencore Plc has officially applied to include its two major copper projects—El Pachón and Agua Rica—under Argentina’s flagship investment program, Rigi. The projects, located in San Juan and Catamarca provinces respectively, represent a combined potential investment of $13.5 billion. El Pachón alone could require $9.5 billion, while Agua Rica is projected at $4 billion, if Glencore proceeds with full-scale development.

The Rigi program, launched to attract foreign capital, offers favorable tax, customs, and currency exchange conditions. Glencore joins a rising wave of mining companies seeking entry into this initiative. The total value of Rigi-related applications has now reached $33.6 billion, according to Argentina’s Economy Minister Luis Caputo. The move highlights Argentina’s efforts under President Javier Milei to reverse its reputation for economic instability and attract large-scale industrial investment.

Glencore CEO Gary Nagle emphasized the changing investment climate, stating, “This framework has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment.” His comments underscore growing confidence among mining multinationals looking to tap into Argentina’s untapped copper potential.

El Pachón Could Transform Argentina into a Copper Powerhouse

El Pachón, located in the high Andes near the Chilean border, stands out as a transformative project for Argentina’s mining sector. With global demand for copper accelerating due to its role in electrification and renewable energy, this deposit could help position Argentina alongside established producers like Chile and Peru. According to industry estimates, El Pachón has the potential to become one of the world’s largest copper mines.

In San Juan, Glencore is not alone. BHP Group Ltd. and McEwen Copper Inc. are also investing heavily, turning the region into a future production hub. Meanwhile, Agua Rica, a more complex site in Catamarca, could further diversify Argentina’s mining output beyond lithium and hydrocarbons.

Historically, Argentina’s focus has been on agriculture and oil, making metals a relatively untapped opportunity. However, recent lithium successes and pro-investment reforms are turning the tide. The copper sector, known for high upfront costs and long development timelines, now sees Argentina as a viable frontier for growth.

SuperMetalPrice Commentary:

Glencore’s bid to secure $13 billion in incentives for El Pachón and Agua Rica underscores Argentina’s rising profile in the global copper race. The sheer scale of these projects signals a strategic pivot in Argentina’s resource development narrative—from a lithium success story to a potential copper superpower. If approved, these projects could not only bolster Glencore’s portfolio but also trigger a new era of copper exploration in the Andes. For investors and suppliers across the battery materials and metal value chains, Argentina is no longer a market to watch—it’s one to enter.