McEwen Copper Inc said its Los Azules copper project in Argentina has been approved for inclusion in the Milei government’s strategic development initiative, allowing the company to advance its US$2.67 billion development.
The company’s comment came after Economy Minister Luis Caputo said on a post on X that the project was approved for Argentina’s Large Investment Incentive Regime, known as RIGI. McEwen Copper said in a Friday statement the scope of the project for RIGI includes exploration, construction and operational stages of the project in San Juan Province.
“For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit with global significance,” Chairman Rob McEwen said in the statement.
Los Azules has its environmental permit and is scheduled to complete a key feasibility study in October. Earlier this week, the World Bank’s private-sector investment arm, the IFC, signed an agreement with McEwen Copper to spur environmental, social and governance standards at the project, with a view to a financing arrangement.
Argentina is seeking to regain the confidence of mining companies as President Javier Milei offers incentives through the programme of tax, currency and trade benefits.
by Mariana Durao, Bloomberg
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