President Javier Milei’s authorities has accepted a brand new US$2.6-billion copper mining undertaking in San Juan Province by way of its flagship RIGI investor incentive scheme.
Mining agency McEwen Copper will make the multi-billion-dollar funding to develop the Los Azules copper exploration and extraction undertaking.
Los Azules is positioned within the Andes mountain vary, throughout the Calingasta Division, round 80 kilometres west-northwest of the city of Calingasta and 6 kilometres from the Chilean border.
The federal government’s authorisation, granted by Decision 1553/2025 and printed on Tuesday within the Official Gazette, confirms the entry of the undertaking into the RIGI framework, which presents advantages lasting three many years for overseas traders.
Based on the doc, the builders purpose to finish feasibility research, receive the mandatory permits and assemble a mine, processing plant and associated infrastructure to the manufacturing of copper cathodes.
The applying was submitted by Andes Corporación Minera SA, performing because the undertaking’s Single Venture Car (VPU).
Based on the federal government, the undertaking is predicted to create greater than 3,500 direct and oblique jobs and – as soon as absolutely operational – generate annual exports price round US$1.1 billion.
Of the full deliberate funding, US$2.35 billion might be allotted to qualifying capital belongings, exceeding the minimal funding required underneath the RIGI scheme.
McEwen Copper has stated that the corporate plans to take a position US$33.5 million within the first 12 months and US$382.3 million within the second 12 months, for a complete of US$415.8 million, representing greater than 40% of the minimal threshold established within the Bases Legislation.
The corporate has dedicated to assembly the minimal qualifying funding by December 31, 2027, in keeping with the submission accepted by the federal government.
In its provider growth plan, McEwen Copper said that 61.1 % of complete expenditure on suppliers, items, and infrastructure throughout building and operation would go to native suppliers, exceeding each the 20 % goal required by legislation and the corporate’s preliminary dedication.
The RIGI Venture Analysis Committee reviewed the proposal and supporting technical experiences from the related ministries, recommending its approval, a choice that was formalised on Tuesday by the Ministry of Financial system.
Los Azules turns into the eighth undertaking accepted underneath the RIGI scheme, which now covers complete deliberate investments price US$15.74 billion.
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