Table of Contents
Key Points
- Glencore to invest $13.5 billion in Argentina copper mining projects, boosting global supply for the clean-energy transition.
- Gary Nagle-led Glencore targets El Pachón and Agua Rica, creating 10,000 jobs and securing tax stability under Argentina’s RIGI framework.
- Argentina positions as copper powerhouse as Glencore expands mining footprint to meet rising demand from electric vehicles and renewable energy industries.
Glencore Plc, the Swiss commodity trading and mining giant led by South African executive Gary Nagle, is ramping up its push into Argentina with plans for a $13.5 billion copper investment. The company has filed applications to include its 100 percent-owned El Pachón and Agua Rica projects in Argentina’s Incentive Regime for Large Investments (RIGI), a new framework designed to attract foreign capital.
Multi-billion-dollar bet on copper growth
Glencore plans to inject $9.5 billion into developing El Pachón in San Juan province and $4 billion into the Agua Rica project in Catamarca over the next decade. The twin projects are set to create over 10,000 direct jobs during construction and 2,500 permanent positions once fully operational.
If approved, Glencore will benefit from long-term tax stability, enhanced investor protections, and a supportive economic framework under President Javier Milei’s government. “The RIGI has changed the investment landscape in Argentina, providing a key catalyst to attract major foreign investment,” Nagle said. “This submission marks a significant step toward advancing El Pachón and Agua Rica, deepening our commitment to Argentina.”
Argentina’s mining ambition
Argentina is positioning itself as a global copper powerhouse amid surging demand for metals critical to the clean-energy transition. Martín Pérez de Solay, CEO of Glencore Argentina, said the projects will help Argentina become one of the world’s leading copper producers.
El Pachón is estimated to hold 6 billion tonnes of ore, grading 0.43 percent copper, 2.2 g/t silver, and 130 g/t molybdenum. Agua Rica has resources of 1.2 billion tonnes with grades of 0.47 percent copper, 0.20 g/t gold, and 3.4 g/t silver. The project will leverage existing Alumbrera processing facilities located 35 kilometers away, giving rise to the MARA project.
Glencore’s global strength
Founded in the 1970s, Glencore has grown from a trading firm into a resource giant with operations in 35 countries and 150,000 employees. It supplies key commodities like nickel, cobalt, and copper—vital for electric vehicles, renewable energy, and global decarbonization.
The company reported first-half 2025 revenue of $117.4 billion, steady from $117.1 billion a year earlier, despite weaker coal prices and reduced copper output. To reward investors, Glencore announced an additional $1 billion share buyback through February 2026, bringing total 2025 shareholder returns to $3.2 billion.
With Nagle steering its strategy, Glencore is betting big on Argentina’s mining potential, reinforcing the South American nation’s role in powering the world’s energy transition.
