Los Azules Could Make Argentina a Copper Player at Last
Argentina · Mining
Key Facts
- —The project Los Azules, in San Juan, is advancing toward becoming Argentina’s largest copper development.
- —The backers It is run by McEwen Copper, with Stellantis and Rio Tinto’s Nuton among its strategic investors.
- —The prize The deposit holds an estimated 10.2 billion pounds of copper reserves.
- —The output It is projected to average about 205,000 tonnes of copper a year in its first five years.
- —The incentives In 2025 it became the first copper project admitted to Argentina’s large-investment regime, RIGI, with a plan near US$2.7 billion.
Argentina shares the Andes with the world’s top copper nation, yet mines almost none of it. A US$2.7 billion project in San Juan aims to change that.
Los Azules, a giant project in the province of San Juan, is the clearest attempt yet to fix that. Argentina lives next door to the world’s greatest copper producer, Chile, and shares the same mineral-rich Andes.
Yet it mines almost no copper of its own.
A copper country that isn’t
It is one of mining’s odder facts. The same mountain range that made Chile a copper superpower runs straight through Argentina.
Yet on the Argentine side, large-scale copper mining has barely existed. The geology was there; the mines were not.
Los Azules is the project most likely to end that anomaly, and turn Andean rock into an export industry.
Just how big the deposit is
The scale is the first thing that stands out. The project’s owners estimate reserves of about 10.2 billion pounds of copper.
That places Los Azules among the significant undeveloped copper deposits anywhere in the world. A resource that size is what justifies the enormous cost and effort of building a mine high in the Andes.
For scale, that is billions of pounds of metal, enough to feed a mine for two decades.
Who is backing Los Azules
The project is led by McEwen Copper, part of the McEwen mining group founded by veteran Rob McEwen. What makes the shareholder list striking is the company it keeps.
The carmaker Stellantis holds a stake of about 18%. Rio Tinto’s Nuton venture is also in, with roughly 17%.
When an automaker and a mining major both buy in, the market takes notice.
Why a carmaker wants a copper mine
Stellantis’s presence is not a quirk; it is a signal about the future. Electric cars are hungry for copper.
An EV can use several times more copper than a petrol car, in its motor, battery and wiring. By investing upstream, a carmaker helps secure the raw material its factories will need for decades.
The metal the world suddenly needs more of
Copper is having a moment, and not by accident. The shift to cleaner energy runs on it.
Power grids, wind turbines, solar farms and electric cars all demand large amounts of the metal. Analysts widely expect global copper demand to climb for years.
New mines like Los Azules are how that demand gets met.
The numbers behind the mine
The output targets are substantial. Los Azules is projected to average around 205,000 tonnes of copper a year in its first five years.
Over a mine life of some 21 years, the long-run average is put at roughly 148,000 tonnes annually. That is enough to make Argentina a genuine copper exporter, not a bit player.
A cleaner way to make copper
The project also leans on newer technology to soften its footprint. It plans to produce copper cathodes through leaching rather than traditional smelting.
Rio Tinto’s Nuton process is designed to extract copper with less water and energy than conventional methods. In a dry, high-altitude region, using less water is not just good branding; it is a practical necessity.
The incentives that got it moving
Cost and confidence are the perennial hurdles for Argentine mining. The government’s RIGI regime was built to lower both.
Los Azules became the first copper project admitted to RIGI, in 2025, with an investment plan near US$2.7 billion. The scheme offers tax and currency guarantees, reassurance investors demand before committing billions to a 20-year project.
Learning from the neighbour
Argentina has a ready-made template just across the border. Chile turned Andean copper into the backbone of its economy.
Copper funds a large share of Chilean exports and government revenue. Argentina would love a slice of that.
The difference has been execution, not geology. Los Azules is a test of whether Argentina can finally follow the model.
What it would mean for San Juan
For the province of San Juan, the promise is transformative. Big mining brings jobs, roads, power lines and local spending.
Argentina, chronically short of dollars, sees copper as a new source of export earnings alongside gas and grain. A cluster of projects could follow if Los Azules proves the model works.
The hurdles still ahead
Optimism comes with caveats. Building at high altitude in a remote corner of the Andes is difficult and expensive.
Copper prices swing, and a final investment decision still lies ahead. Financing a multi-billion-dollar mine is never simple.
Argentina’s own history of instability also weighs on any long-horizon bet.
What to watch next
The signal to track is the final investment decision and the start of construction. Watch, too, whether other copper projects follow Los Azules into RIGI, turning one mine into a mining province.
If it delivers, Argentina will finally claim a share of the copper wealth that its geology always promised.
Frequently Asked Questions
Where is Los Azules?
It is a copper project in San Juan province, in the Argentine Andes, developed by McEwen Copper.
How big is it?
The owners estimate reserves of about 10.2 billion pounds of copper. And output averaging around 205,000 tonnes a year in the first five years.
Who is investing?
McEwen Copper leads, with strategic stakes held by the carmaker Stellantis and Rio Tinto’s Nuton venture.
Why does a carmaker want copper?
Electric vehicles use far more copper than petrol cars. Investing in a mine helps secure future supply for EV production.
What is RIGI?
It is Argentina’s large-investment incentive regime, offering tax and currency guarantees. Los Azules was the first copper project admitted to it.
Sources: McEwen Copper; McEwen Mining; Reuters; Argentina RIGI.
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