Argentina has approved McEwen Copper’s Los Azules project for inclusion in the Large Investment Incentive Regime (RIGI), endorsing a $2.7-billion investment to advance one of the country’s most significant mining developments.

The project, located in Calingasta, San Juan province, is the first in Argentina set to produce high-purity copper cathodes. Its inclusion in the RIGI consolidates exploration, construction, and operations under a single investment plan, providing 30 years of fiscal, legal, and customs stability.

Los Azules is expected to generate more than $30-billion in export revenues over its mine life, according to the project’s June 2023 preliminary economic assessment.

“This approval reinforces McEwen Copper’s long-term commitment to Argentina and the province of San Juan, advancing a model of modern, responsible, and sustainable mining. The integration of Los Azules into the RIGI under a single strategic investment plan enhances operational predictability and establishes a clear framework for engagement with the State and future partners,” said Michael Meding, vice president of McEwen Copper and GM of Los Azules.

Chairperson and chief owner Rob McEwen added that the RIGI sent a powerful message to international investors. "Argentina is open to supporting long-term projects in energy and critical metals. This framework strengthens confidence in the country and creates the right environment to secure the financing required for mining ventures. For Los Azules, it marks a decisive step that allows us to advance the development and unlock the potential of a copper deposit of global significance.”

The RIGI provides tax incentives, including a reduced corporate rate of 25%, a 50% cut in dividend withholding tax, accelerated depreciation, early value-added tax recovery, and long-term stability. Customs and foreign exchange procedures are also streamlined under the regime.

Los Azules’ environmental impact declaration for construction and operations was approved in December 2024. A feasibility study is due by the end of October 2025, after which construction could begin, subject to detailed engineering and financing. Exploration around the deposit will continue in parallel to extend the resource.

McEwen Copper owns 100% of Los Azules, which ranks as the world’s ninth-largest undeveloped copper deposit, with a mine life of 27 years and a targeted start of operations powered entirely by renewable energy.