Argentine Mining Chamber: RIGI Declarations Reach $39 Billion

en.Wedoany.com Reported - On August 26, Roberto Cacciola, President of the Argentine Chamber of Mining Enterprises (CAEM), stated at a joint meeting of Senate committees that 17 projects in the mining sector have applied to join the Large Investment Incentive Scheme (RIGI), with declared planned investments totaling approximately $39 billion. Of these, 12 projects have been approved, with planned investments of about $21 billion, while the remaining 5 projects are under review.

The $39 billion figure represents the amount declared by projects, while $21 billion is the planned investment scale of approved projects. CAEM estimates that, combining both approved and pending projects, Argentina's mining sector will see actual investment of $2.4 billion to $2.5 billion in 2026, rising to approximately $4.5 billion in 2027, and potentially maintaining $7 billion to $7.5 billion annually from 2028 onward, with funds primarily flowing to copper and lithium projects.

CAEM noted that after joining RIGI, mining projects bear a combined tax burden of approximately 38% to 40% before profit taxation, whereas without the scheme, the combined tax burden could exceed 50%. The scheme also establishes a phased arrangement for free disposal of foreign exchange, applicable to equipment imports, foreign exchange market transactions, and profit repatriation, and allows for the use of international dispute resolution mechanisms in the event of conflicts.

According to the RIGI project platform launched by Argentina's Ministry of Economy in June, as of that time, a total of 16 projects across various industries had been approved, with planned investments of $29.892 billion; another 25 projects were under review, with declared investments of $111.037 billion. The combined total of approved and pending projects stands at 41, covering sectors such as mining, oil and gas, electricity, infrastructure, and renewable energy.

The current round of Senate sessions is deliberating on a large investment incentive scheme proposal targeting new industries. The mining chamber is using the progress of existing RIGI projects as a basis for policy evaluation and expects the remaining 5 mining projects to receive review results in the coming months.