The Argentine government has officially approved the inclusion of the Veladero gold mine expansion and the Diablillos gold-silver project into the RIGI (Large Investment Incentive Regime), with a total investment of $1.14 billion. This decision is expected to significantly impact the job markets and export capabilities of San Juan and Salta provinces.
The Veladero gold mine, located in San Juan province, is jointly operated by Barrick Gold and Shandong Gold. Its $380 million investment plan has been approved. These funds will be used to implement the Phase 8 and Phase 9 projects of the Leach Valley, a complex hydraulic and civil engineering initiative aimed at sustaining the mine's gold production for the next decade. The new phase of construction will immediately employ 600 specialized workers, including engineers, heavy machinery operators, and geomembrane welding technicians. Concurrently, the investment ensures the stability of the mine's existing 4,000 positions, averting the threat to local sustainability posed by operational decline.
San Juan Governor Marcelo Orrego stated: "San Juan now has three approved projects under RIGI. This $380 million guarantees that the production engine of our mountains will not stop." Barrick Gold CEO Mark Hill noted: "RIGI is the competitiveness tool Veladero needs to achieve Tier One asset status in a challenging global cost scenario." He added that 30 years of fiscal predictability allows the company to plan investments previously postponed due to macroeconomic volatility.
In Salta province, the Diablillos gold-silver project, operated by AbraSilver, received approval for a $760 million investment, marking its transition from the feasibility stage to actual construction. The project is expected to create a peak of 1,200 direct jobs during the infrastructure and camp assembly phases, and will transform the logistics landscape of the northwestern region, introducing new competition in an area dominated by lithium resources. The capital injection will also activate contracts for catering, transportation, and industrial maintenance services with local small and medium-sized enterprises, in line with RIGI's local content requirements.
Economy Minister Luis Caputo emphasized that these approvals confirm Argentina's status as a reliable destination for capital-intensive investments: "We are seeing how projects that were shelved for years are turning into actual works and wages." From President Javier Milei's circle, this day was described as a "historic Friday," helping to dispel uncertainties regarding legal security. The inclusion of Veladero and Diablillos in RIGI supplements the list, which already includes Los Azules and Gualcamayo, and is expected to improve the foreign exchange situation through mining exports.
