Glencore has obtained approval for its Minera Agua Rica – Alumbrera (MARA) project under Argentina’s Incentive Regime for Large Investments (RIGI).
The approval follows progress in Glencore’s plan to restart operations at the Alumbrera mine, which is currently expected to achieve first production in the second half of 2027 (H2 2027).
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This updated schedule brings forward the expected production date from the company’s initial guidance, which targeted H1 2028.
At present, the restart of Alumbrera is providing employment for nearly 2,000 people, with the majority of jobs held by residents of Catamarca province.
Glencore stated that the Alumbrera restart is intended to support the MARA project by reducing ramp-up risks for the concentrator and associated logistics, maintaining a skilled workforce in advance of initial ore from MARA and keeping strategic infrastructure operational.
The company anticipates that this infrastructure will eventually be shared between Alumbrera and MARA, which may offer operational efficiencies.
Glencore Argentina CEO Martín Pérez de Solay said: “RIGI approval is a significant milestone for MARA and a clear sign of confidence in Argentina’s long-term investment framework, helping to underpin the country’s ambition to be one of the world’s leading copper producers.
“The RIGI provides the fiscal and regulatory certainty needed to commit capital of this scale, and we thank the national authorities and the province of Catamarca for their constructive engagement throughout the process.
“Together with the restart of Alumbrera and our plans for El Pachón, Argentina represents a key pillar of Glencore’s copper growth, supporting our efforts to enable skilled employment, build local supply chains and deliver the copper the world requires.”
The Agua Rica deposit in Catamarca province contains estimated measured and indicated resources of approximately 1.2 billion tonnes of ore, with average grades of 0.47% copper, 0.2 grams per tonne (g/t) gold, 3.4g/t silver and 0.03% molybdenum.
The MARA project aims to process ore from Agua Rica at the Alumbrera facilities, situated 35km from the pit.
According to Glencore, the project could yield an average of more than 200,000 tonnes per annum (tpa) of copper in concentrate during the first decade of operation.
In August 2026, the Government of Guinea selected Glencore as the offtaker for bauxite produced by Nimba Mining.
