The Glencore Agua Rica copper project has received approval under Argentina’s Incentive Regime for Large Investments, known as RIGI. Glencore plc (LSE: GLEN) announced the decision on 2 Oct 2026.
Agua Rica sits in Catamarca province. Its planned integration with the Alumbrera operation gives the development its MARA name, short for Minera Agua Rica–Alumbrera.
The investment estimate is US$4 billion. The $5.74 billion Agua Rica investment figure reported in Australian coverage is the Australian-dollar equivalent. It refers to planned development expenditure, rather than a valuation of the deposit.
Figure 1: Agua Rica in Catamarca, Argentina, forms the mining component of Glencore’s integrated MARA copper project. Credit: Glencore/MARA.
Glencore Secures the Investment Framework It Applied For
Glencore submitted its RIGI applications for Agua Rica and El Pachón in August 2025. Both projects were identified as wholly owned by the Company.
For Agua Rica, the application used a US$3.5 billion to US$4.5 billion range.
The Company’s original RIGI application announcement described access to a long-term investment framework and additional investor protections, subject to approval. Agua Rica has now passed that step.
For a project requiring several years of spending before sales begin, the terms governing that investment matter. They form part of the assumptions used when the Company assesses the money it expects to put in and recover.
Alumbrera Gives the Project an Existing Processing Base
Agua Rica’s development plan includes facilities already built at Alumbrera.
- Ore from Agua Rica is planned to feed the Alumbrera processing plant.
- The processing facilities are about 35km from the Agua Rica pit.
- The restart is intended to prepare the concentrator and transport arrangements before MARA begins supplying ore.
- Keeping those facilities active also allows workers to retain and develop operating skills.
Glencore set out this approach when it announced the Alumbrera restart in December 2025. It described the restart as preparation for the later MARA development, alongside Alumbrera’s own production.
An existing plant changes the construction task. The Company still has to establish that the mine, processing facilities and transport system can work together at the planned rate.
Colitco’s coverage of BHP’s copper earnings and growth plans examines another major miner’s approach to expanding its copper business.
Alumbrera’s Production Target Moves Forward
Glencore now expects first production from Alumbrera in H2 2027. Its previous guidance was H1 2028.
The Company says the operation is providing work for close to 2,000 people. Most are from Catamarca.
Glencore Argentina CEO Martín Pérez de Solay described RIGI approval as an important step for MARA and said the framework provides the certainty needed for investment on this scale.
Key Dates From Application to Planned Operations
| Date | Event |
| August 2025 | Glencore submitted its RIGI applications |
| December 2025 | Alumbrera restart announced |
| 2 Oct 2026 | Glencore confirmed MARA’s RIGI approval |
| H2 2027 | Revised target for Alumbrera’s first production |
| November 2027 | Agua Rica construction start expected by Argentina’s government |
| October 2031 | Agua Rica operations targeted to begin |
The later dates are targets. They do not establish that construction or commissioning has been completed.
Initial Spending Forms Part of the Larger Development Bill
Argentina’s government expects US$771 million to be invested during the first two years. Its announcement says financing will come from Glencore equity contributions and debt.
The government’s project announcement also identifies an export route through Tucumán and onward by rail to Rosario. Regional works are planned for roads, energy and water.
These are parts of the same delivery task. Producing concentrate is one requirement. Moving it to customers reliably is another.
The first two years’ spending should therefore be read within the total development estimate.
Agua Rica Holds Copper Alongside Three Other Metals
Glencore reports measured and indicated mineral resources of approximately 1.2 billion tonnes at Agua Rica.
| Resource measure | Reported estimate |
| Measured and indicated ore | Approximately 1.2 billion tonnes |
| Average copper grade | 0.47% |
| Average gold grade | 0.20g/t |
| Average silver grade | 3.40g/t |
| Average molybdenum grade | 0.03% |
These figures describe the mineral resource. They are not annual production volumes or a statement that all the material will be economically recovered.
The distinction matters when comparing projects. Resource size gives one measure of scale. Recoveries, mine design, costs and the production schedule determine how that material may contribute to the operation.
Readers can also follow Colitco’s coverage of Prospect Resources’ Mumbezhi copper development for another project moving through resource and technical work.
Production Potential Extends Across the First Decade
MARA has the potential to average more than 200,000 tonnes of copper in concentrate annually during its first ten years, according to Glencore. The figure refers to copper contained in concentrate, rather than the total weight of concentrate shipped.
That production remains ahead of the Company. Approval allows the investment plan to advance, but it does not provide copper for today’s market.
Colitco’s assessment is that the most useful next evidence will come from project delivery: revised costs, progress at Alumbrera and confirmation of Agua Rica’s construction arrangements.
Construction and Commissioning Set the Next Checkpoints
The RIGI approval Argentina mining announcement gives Agua Rica a clearer investment basis. The next stages require the Company to turn that approval into completed work.
Alumbrera’s restart will provide an earlier operating checkpoint. Agua Rica’s construction programme follows a separate timetable, with first operations still several years away.
Readers should watch whether subsequent updates retain the current spending estimate and dates. Changes to either would affect the development case, even if the underlying resource remains the same.
ALSO READ: Global Copper Market Impact: BHP’s Escondida Restart
FAQs
Q1. What approval has Glencore received for Agua Rica?
Ans. The Project has been approved under Argentina’s RIGI large-investment incentive regime.
Q2. Is the investment US$5.74 billion?
Ans. No. The estimate is US 4 Billion, reported as approx. A$5.74 billion.
Q3. Why is Alumbrera important to Agua Rica?
Ans. Agua Rica plans to use its processing facilities. Restarting Alumbrera also prepares infrastructure and workers ahead of MARA production.
Q4. When could Agua Rica start operating?
Ans. Argentina’s government identifies October 2031 as the target. Alumbrera’s earlier H2 2027 production target relates to its own restart.
Disclaimer
This article is for general information only. Project estimates and schedules come from the dated sources cited and may change. Readers should review company announcements and current market information before making investment decisions. Investments carry a risk of loss. This article does not constitute financial advice.
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
