President Javier Milei’s government has approved a new US$2.6-billion copper mining project in San Juan Province via its flagship RIGI investor incentive scheme.
Mining firm McEwen Copper will make the multi-billion-dollar investment to develop the Los Azules copper exploration and extraction project.
Los Azules is located in the Andes mountain range, within the Calingasta Department, around 80 kilometres west-northwest of the town of Calingasta and six kilometres from the Chilean border.
The government’s authorisation, granted through Resolution 1553/2025 and published on Tuesday in the Official Gazette, confirms the entry of the project into the RIGI framework, which offers benefits lasting three decades for foreign investors.
According to the document, the developers aim to complete feasibility studies, obtain the necessary permits and construct a mine, processing plant and related infrastructure to the production of copper cathodes.
The application was submitted by Andes Corporación Minera SA, acting as the project’s Single Project Vehicle (VPU).
According to the government, the project is expected to create more than 3,500 direct and indirect jobs and – once fully operational – generate annual exports worth around US$1.1 billion.
Of the total planned investment, US$2.35 billion will be allocated to qualifying capital assets, exceeding the minimum investment required under the RIGI scheme.
McEwen Copper has said that the company plans to invest US$33.5 million in the first year and US$382.3 million in the second year, for a total of US$415.8 million, representing more than 40% of the minimum threshold established in the Bases Law.
The company has committed to meeting the minimum qualifying investment by December 31, 2027, according to the submission approved by the government.
In its supplier development plan, McEwen Copper stated that 61.1 percent of total expenditure on suppliers, goods, and infrastructure during construction and operation would go to local providers, exceeding both the 20 percent target required by law and the company’s initial commitment.
The RIGI Project Evaluation Committee reviewed the proposal and supporting technical reports from the relevant ministries, recommending its approval, a decision that was formalised on Tuesday by the Ministry of Economy.
Los Azules becomes the eighth project approved under the RIGI scheme, which now covers total planned investments worth US$15.74 billion.
– TIMES/NA
Comments