Glencore's MARA (Agua Rica–Alumbrera) copper project in Argentina secures RIGI approval

Published: Oct 06, 2026 11:29 (GMT+8)

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Glencore has announced that its Minera Agua Rica-Alumbrera (MARA) project in Catamarca, Argentina has received approval under the Incentive Regime for Large Investments (RIGI), with expected investment of about US$4 billion and long-term fiscal, customs and foreign-exchange stability including a 25% corporate income tax rate. Agua Rica hosts measured and indicated resources of about 1.2 billion tonnes at 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. Ore will be processed at the existing Alumbrera plant 35 km away, with potential to average more than 200,000 tpa of copper in concentrate over the first ten years. The Alumbrera restart is brought forward to H2 2027 with nearly 2,000 workers on site. The government expects construction from November 2027 and production from October 2031; the exploitation-phase EIA was submitted last month and approval is not a final construction decision.

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