Wedoany.com Report-Aug. 21, Minas Argentinas, a subsidiary of Aisa Group, has announced a $665 million investment to expand the Gualcamayo gold mine in San Juan, Argentina, aiming to leverage the country’s Large Investment Incentive Regime (RIGI). The plan, shared during a press tour on August 19, 2025, focuses on revitalizing the mine, which was nearly closed before its acquisition in 2023.

Following discussions with the government, Minas Argentinas recalibrated its initial $1bn (1.29trn pesos) investment proposal to align with RIGI requirements.

The RIGI, introduced in October 2024, encourages investments over $200 million with tax incentives and access to international dispute resolution, valid until July 2026 with a possible one-year extension. Ricardo Martinez, executive director of Minas Argentinas, stated: “It’s important that we have the RIGI for legal security.” He emphasized the need for consistent mining regulations to support the project’s success.

Originally proposed at $1 billion, the investment was adjusted to $665 million after government discussions to meet RIGI criteria. The project includes developing the Carbonatos Profundos mine beneath the existing site, a pressure oxidation plant, and a 50-megawatt solar park to power operations. These upgrades aim to shift production from oxide to sulphide ores, targeting an annual output of 120,000 ounces of gold starting in 2029, with a 17-year lifespan and estimated exports of $400 million annually.

Currently, Gualcamayo produces 50,000–55,000 ounces of gold yearly through secondary recovery methods. Martinez noted: “The mine has three million ounces of economically viable gold reserves,” part of five million ounces of certified resources found in just 3% of the 40,000-hectare property, suggesting significant untapped potential. Construction of the new mine and facilities is set to begin in 2027.

Gold remains Argentina’s top mining export, accounting for 68% of the sector’s total, despite a decline in output due to aging mines. The Gualcamayo expansion aims to counter this trend by enhancing production capacity and sustainability through renewable energy integration.

In a related development, Argentina approved Rio Tinto’s $2.5 billion Rincon lithium project in Salta province under the RIGI in May 2025, reflecting the program’s role in attracting significant mining investments.

The Gualcamayo project underscores Minas Argentinas’ commitment to modernizing operations and boosting economic contributions through job creation and increased exports. By aligning with RIGI incentives, the initiative supports Argentina’s mining sector growth while advancing sustainable practices.