Argentina's Los Azules Copper Project Seeks $2.672 Billion Investment
Argentina is pushing ahead with plans to boost its mining and energy sectors, with the Regime for Incentives for Large Investments (RIGI) offering substantial benefits to major projects. A key player in this drive is the Los Azules copper project, backed by Canadian company McEwen Copper, which seeks a $2.672 billion investment.
The Los Azules project boasts one of the world's largest copper deposits, with an estimated 1,200 million tons at 0.4% and another 4,500 million tons at 0.31%. McEwen Copper plans to start construction in 2026, with the first production line expected by the end of 2029, pending RIGI approval. Once operational, the project aims to produce an average of 180,000 tons of copper annually from 2030.
If approved, the project would enjoy significant tax breaks, including corporate tax reductions, VAT exemption, foreign currency exemption, and export rights suppression. These benefits, along with fiscal, customs, and exchange rate stability, would last for 30 years. Argentina hopes that such incentives will attract, retain, and encourage large investments, transforming strategic sectors of its economy.
The success of RIGI and the Los Azules project hinge on Argentina's ability to compete globally for large investments. The Mercosur agreement aims to promote investments and trade within member countries, and the Argentine government is committed to creating a favorable environment for large investments. With McEwen Copper's significant investment, the Los Azules project could become a major player in the global copper market, further boosting Argentina's mining and energy sectors.
Read also:
- User Data Analysis on Epic Games Store
- Rachel Reeves conducts a discussion with Scott Bessent and financial executives, focusing on investment matters
- Hyundai accelerates production plans: Introducing 7 new N models, aiming for a sales figure of 100,000 units by 2030.
- Yasa, an electric car engine producer, plans to broaden its operations.
