RE: £4 Tomorrow8 May 2023 22:37
BUENOS AIRES, May 8 (Reuters) - Argentina, known better for its Malbec than its mining, has its sights set on becoming a top ten copper producer by 2030, with an investor friendly stance luring global players like Glencore and Lundin Mining to its mountainous north.
The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. 1 producer Chile but near big players like Australia and Zambia.
While a lofty goal - Argentina produces no copper currently after its last working mine closed in 2018 - it could position the country as an important new supplier as demand globally for the metal rises along a global electrification push.
Leading the way is Lundin Mining's Josemaria project in northern San Juan province, aiming to produce over 130,000 tonnes a year and that is a pre-construction phase.
Behind that in the queue are Glencore's $4.5 billion El Pachón; MARA, owned by Yamana Gold Inc, Glencore and Newmont Corp; First Quantum Minerals Ltd's Taca Taca and McEwen Mining's Los Azules.