BUENOS AIRES, Dec 3 (Reuters) – Glencore plans to restart operations at its Alumbrera copper mine in Argentina by the end of next year, it said on Wednesday, after it became the last to produce the red metal in the country before shuttering the site in 2018. Alumbrera, in the northern province of Catamarca, will […]
Business
Glencore to restart production at Alumbrera copper mine in Argentina
Audio By Carbonatix
BUENOS AIRES, Dec 3 (Reuters) – Glencore plans to restart operations at its Alumbrera copper mine in Argentina by the end of next year, it said on Wednesday, after it became the last to produce the red metal in the country before shuttering the site in 2018.
Alumbrera, in the northern province of Catamarca, will likely kick off production by the first half of 2028, Glencore said in a statement.
“The decision to resume operations … is based on the context of a robust tax regime, which provides greater support for investment in the Argentine mining industry, in addition to the sustained increase in copper and gold prices, and the positive outlook for both commodities,” Glencore said.
Under libertarian President Javier Milei, Argentina has rolled out a tax break program known as the Large Investment Incentive Regime (RIGI), which miners have benefitted from.
(Reporting by Lucila Sigal; Writing by Kylie Madry; Editing by Sarah Morland)