Glencore, the Swiss-based commodity trading and mining giant, said Monday it has applied to include its El Pachón and Agua Rica copper projects in Argentina’s large-scale investment incentive program, with planned spending of $9.5 billion and $4 billion, respectively, over the next decade.
The projects are expected to generate more than 10,000 direct jobs during construction and 2,500 permanent jobs once operational, Glencore said in a statement.
If approved, both projects would benefit from a long-term, stable investment framework with enhanced protections for investors.
Commenting on the deal, Glencore CEO Gary Nagle praised President Javier Milei's government for establishing the program, saying it had "changed the investment landscape in Argentina" and would help attract foreign capital.
Glencore Argentina CEO Martin Perez de Solay said the program provides a platform for developing the country's natural resource potential.
El Pachon, located in San Juan province, is estimated to hold 6 billion tonnes of copper and molybdenum ore, while Agua Rica, in Catamarca province, contains about 1.2 billion tonnes of copper, gold, silver, and molybdenum and plans to use the nearby Alumbrera facilities for processing.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr