Glencore targets 1Mt of copper in Argentina over coming decade
BUENOS AIRES - Miner and trader Glencore will aim to produce nearly one-million tons of copper annually at its planned El Pachon and Agua Rica projects in Argentina over the next 10 to 15 years, the company's CEO in the Latin American country said on Thursday.
Argentina does not currently produce any copper, but several major miners are proposing projects that could make the country an important global supplier.
Glencore earlier this week applied for its Argentina projects to qualify for the government's Large Investment Incentive Regime (RIGI), saying it would spend $4-billion to develop Agua Rica and $9.5-billion to develop El Pachon.
Glencore's Argentina CEO Martin Perez de Solay said he anticipated initial production of 500 000 metric tons of copper a year from the projects, and that El Pachon in particular was poised for significant growth in output.
"Glencore could be producing close to one-million tons of copper in Argentina in 10 to 15 years," he said at an event organized by the Council of the Americas.
He did not give a timeframe for production to start, but said he anticipated strong prices by the time the copper went on the market and global copper demand was likely to reach 35 million tons by 2035.
De Solay said seven of the main projects in Argentina could produce two-million tons of copper annually in 10 years, with investment ranging from $35-billion to $45-billion.
"Two-thirds of the investment remains in Argentina, so it's essential for the foreign exchange balance," de Solay said
He estimated that the output could yield $20-billion a year in exports.
Argentina has not produced copper since the closure of the Bajo de la Alumbrera mine in 2018.
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