Argentina’s Mining Pipeline Under the RIGI Incentive Tops US$39.0 Billion
ARGENTINA · MINING
Key Facts
—What happened: Miners have presented 17 projects worth US$39 billion under the RIGI incentive regime.
—What is approved: Twelve of those projects, worth US$21 billion, have already passed the regime’s review.
—The trajectory: The sector sees investment rising from US$2.5 billion in 2026 to US$7.5 billion a year from 2028.
—The catch: Presented money is not spent money, because permits, financing and construction still decide everything.
—The lithium move: China’s Ganfeng finalized a Salta joint venture and agreed a US$180 million investment in Lithium Argentina.
—The copper move: McEwen Copper closed a US$240 million loan to push the Los Azules project toward a final decision.
Argentina’s mining chamber told the Senate this week that projects worth US$39 billion have now been presented under the RIGI, the investment incentive created by President Javier Milei. The same week brought fresh Chinese money into Salta lithium and a US$240 million loan for a giant Andean copper project.
What the RIGI has attracted so far
RIGI stands for Régimen de Incentivo para Grandes Inversiones, the incentive regime for large investments. It was created by Milei’s 2024 Ley Bases and offers tax, customs and currency benefits to projects above US$200 million.
Roberto Cacciola, head of CAEM, the Argentine Chamber of Mining Companies, gave the Senate the new totals on Wednesday. Seventeen mining projects worth US$39 billion have been presented, and twelve worth US$21 billion are already approved.
The sector’s own projections show a steep ramp. CAEM expects mining investment of US$2.4 to 2.5 billion in 2026, about US$4.5 billion in 2027 and US$7 to 7.5 billion a year from 2028.
That curve matters for the government’s timeline. Milei’s term ends in December 2027, so most of the heavy spending would land after the next election.
The tax math behind the regime
Cacciola told senators the total tax burden on a mining project could exceed 50 percent before the regime. Under the RIGI it sits around 38 to 40 percent, close to Chile, Peru, Australia and Canada.
The second pillar is access to foreign currency. Approved projects can freely dispose of export earnings, pay for imports and send profits abroad under set conditions.
The third is dispute resolution. Investors can take conflicts to international arbitration, a safeguard local mining law has historically lacked in practice.
A recent reform of the glaciers law adds a fourth incentive. It clarifies which Andean areas can host economic activity and gives provinces more say.
Ganfeng tightens its grip on Salta lithium
The lithium side of the pipeline moved this week as well. Lithium Argentina and Ganfeng Lithium signed definitive agreements for a joint venture over three Salta salt-flat projects, with the Chinese group holding 67 percent and putting a further US$180 million into its partner.
We tell that story in full in our report on Ganfeng’s three-project Salta megadevelopment. The venture targets 150,000 tonnes of lithium carbonate equivalent a year, and Ganfeng applied for RIGI benefits for it in March.
McEwen’s US$240 million bridge to a decision
On Thursday, McEwen Copper closed a US$240 million senior secured four-year loan for Los Azules. Sprott Natural Resource Investment Partners put in US$112 million, and chairman Rob McEwen added US$85 million of his own.
Los Azules sits in San Juan province, six kilometres from the Chilean border at 3,500 metres above sea level. It is one of the world’s largest undeveloped copper deposits.
Its 2025 feasibility study outlines a 21-year mine producing 148,200 tonnes of copper cathode a year. At a copper price of US$4.35 per pound, the study shows a US$2.9 billion after-tax value and a 19.8 percent return.
The project entered the RIGI in September 2025 and runs its design on renewable power. The loan funds the work needed to reach a final investment decision, the moment construction money is actually committed.
Why the headline number needs a discount
The US$39 billion is a pipeline, not a bank transfer. Presented projects still need engineering, permits, financing and construction before a single tonne ships.
Copper is the clearest case. The country has produced almost no copper at scale since Bajo de la Alumbrera closed, and most new projects target production around 2030.
Still, the direction is real. Mining exports reached US$6.07 billion in 2025, and CAEM projects US$9 billion for 2026.
Frequently Asked Questions
What is the RIGI incentive regime?
The RIGI, or Régimen de Incentivo para Grandes Inversiones, is an incentive regime created by Milei’s 2024 Ley Bases. It gives projects above US$200 million tax relief, currency access and international arbitration rights.
How much mining investment has the RIGI attracted?
Seventeen projects worth US$39 billion have been presented, with twelve worth US$21 billion approved, CAEM told the Senate. The chamber expects actual spending to reach US$7 to 7.5 billion a year from 2028.
What did Ganfeng and its Swiss partner announce?
They finalized a joint venture over three Salta lithium projects, with Ganfeng holding 67 percent. Ganfeng also agreed a US$180 million convertible investment in Lithium Argentina.
What is the Los Azules copper project?
Los Azules is a large undeveloped copper deposit in San Juan province, owned by McEwen Copper. Its feasibility study outlines 148,200 tonnes of copper cathode a year over 21 years.
Is the US$39 billion already invested in Argentina?
No. It is the value of projects presented to the regime, not money spent. Execution depends on permits, financing and construction decisions in the coming years.
Connected Coverage
We covered the latest approved project in Argentina approves a US$365 million RIGI project for the Mega gas complex and the wider economic programme in Milei’s economic overhaul in numbers. More from the country on our country hub.
Sources: CAEM presentation to the Argentine Senate, via Minería y Desarrollo (27 August 2026); Lithium Argentina and Ganfeng Lithium joint announcement via GlobeNewswire (24 August 2026); McEwen Copper term loan announcement via GlobeNewswire (27 August 2026); Reuters; McEwen Mining project disclosures.
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