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Global mining heavyweights including Lundin Mining Corp., Glencore Plc and First Quantum Minerals Ltd. are piling into Argentina as a new government intent on luring foreign investment propels the companies closer than ever to opening up vast copper deposits in the red-hued Andes.
But should just six of the two-dozen-or-so copper projects being contemplated in Argentina come to pass, the nation could be a major supplier by 2035, churning out more than 1 million metric tons a year. Annual exports could top $8 billion, according to local mining group Caem. That’s why Milei has made a sweeping package of tax, currency and customs benefits for big-time investors — known locally by its Spanish acronym, RIGI — a hallmark of his proposed reforms. They’re being debated by lawmakers.
Argentina has already had success with lithium, a mineral that’s key to making batteries for electric cars. Copper projects, though, tend to be bigger, more expensive and more destructive. And Argentina is a particularly precarious destination for prospectors since it is largely focused on farming and oil, not metals like regional peers Chile and Peru.A scene last month offered a peek into this dilemma.
Beyond the wetlands, glaciers are another concern. A federal inventory lists 16,000 sites to protect in the Argentine Andes, many in San Juan. Glencore has tried to get one — an ice-richEarthquakes are another major threat: A big quake might damage a mine and release chemicals into river systems.
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