Argentina is racing to turn a deep pipeline of Andean deposits into a new export engine as the world’s appetite for copper grows.
After years on the sidelines, the country is rolling out investor protections and scrapping export duties to tilt big-ticket projects toward construction.
If even a handful of flagship mines advance on schedule, Argentina could rejoin the copper producers’ club by the end of the decade.
The timing reflects a structural squeeze in the red metal that powers transmission lines, electric vehicles, and data centers. Major forecasters expect demand to outpace mine supply into the 2030s, sharpening the hunt for new districts with scale.
Argentina shares the same Cordilleran geology as neighboring Chile, the top copper producer, but has produced no copper since the Bajo de la Alumbrera mine closed in 2018.
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That gap is both a challenge and an opportunity. It means the country must build out infrastructure from a low base, yet it also offers room to add capacity just as the market needs it.
At the center of the push is a new incentive regime designed to reduce policy risk for capital-intensive projects.
Congress approved the Large Investment Incentive Regime, known locally as RIGI, which provides long-term tax and customs benefits and legal stability for qualifying projects that meet size thresholds and timelines.
The measure is meant to de-risk multibillion-dollar bets that can take a decade to permit and build. The government followed with a separate step in August setting export duties on a slate of mining products, including copper, to zero.
For developers modeling paybacks at today’s costs, the removal of export taxes matters as much as ore grades.
Policy sweeteners will only go so far without shovels in the ground, the portfolio is sizeable.
In San Juan province, the Josémaría project, now part of a joint venture between BHP and Lundin, is working through preconstruction and updated technical work with a targeted production start around 2030.
First Quantum’s Taca Taca in Salta remains under evaluation but is considered one of the larger undeveloped porphyry systems in the region.
McEwen Copper’s Los Azules has moved through feasibility milestones while seeking admission to RIGI, and the Vicuña district’s Filo del Sol has reported additional resource updates that reinforced its growth potential.
Glencore has signaled interest in reviving El Pachón and advancing the MARA complex, subject to approvals and financing.
Getting from plans to tonnage will hinge on energy and logistics. The richest deposits sit at high altitude near the Chilean border, far from transmission lines and paved roads.
Developers are studying shared infrastructure and phased power solutions to keep early capital outlays in check.
Provincial governments, particularly in San Juan and Salta, have leaned into permitting and community consultation frameworks, while the federal government has invited applications to RIGI and clarified procedures.
Companies say clarity on the glacier protection law and stable currency rules would help unlock final investment decisions.
Copper prices may swing with global growth, but the longer arc of electrification points to tight balances. New supply is increasingly scarce, ore grades are declining in mature districts, and build times have stretched.
Argentina’s resource base offers diversification at scale for producers that can manage altitude, climate, and social license, the question is sequencing.
If the first wave of projects secures approvals and financing under the current policy umbrella, it can create a self-reinforcing cycle of investment that funds roads and power for those that follow.
Argentina’s history of macro volatility gives boards pause, and the next few years will test whether legal guarantees under RIGI can withstand political turnover.
Cost inflation, water management, and cross-border coordination with Chile on ports and services all add complexity. Still, the direction of travel is clearer than it has been in a decade.
Removing export taxes, laying out an investment regime with stability provisions, and spotlighting a pipeline of world-class deposits sends a signal to miners that the window is open.
Several of the key developers are listed in Toronto and New York, providing liquid exposure to preproduction copper growth.
And if Argentina succeeds in bringing multiple projects online early next decade, the added supply could help ease the sector’s structural tightness, with knock-on effects for domestic manufacturers that depend on reliable copper inputs.
The next milestones to watch are permit decisions and financing commitments on the largest projects, along with concrete plans for power and transport.
If those pieces fall into place, Argentina’s copper story could move quickly from aspiration to output.
