Argentina’s Tax Break Program Approves $665M Gold Mine Project

Wedoany.com Report-Dec.28, Argentina's RIGI tax break scheme committee has approved a $665 million gold and silver mining project in the western San Juan province, Economy Minister Luis Caputo announced on Tuesday. This marks the tenth project to receive approval under the regime.

Gualcamayo mine, Argentina. Image courtesy of Image courtesy of Image courtesy of The Northern Miner.

The Gualcamayo project, developed by Minas Argentinas (part of Aisa Group), will extend the operational life of the existing mine, which had been approaching exhaustion. It involves the development of a different type of mineralization, known as Carbonatos Profundos, to sustain production for decades.

The initiative is expected to create approximately 1,700 direct jobs, contributing to economic activity and employment in the region.

The approval brings the total investment in projects under the RIGI program to $25 billion, as stated by Minister Caputo on social media.

Luis Caputo said: "El Comité Evaluador RIGI aprobó el proyecto Gualcamayo, un desarrollo de minería de oro y plata en la provincia de San Juan con una inversión total de USD 665 millones. Este proyecto permite la extensión de vida de una mina en etapa de agotamiento con el desarrollo de un tipo distinto de mineralización y va a emplear 1.700 personas en forma directa. Con éste ya son 10 los proyectos RIGI aprobados con una inversión total de más de US$ 25.000 millones."

The RIGI, or Régimen de Incentivo para Grandes Inversiones, provides tax, customs, and exchange benefits to attract large-scale investments in strategic sectors such as mining. It offers regulatory stability and incentives to support long-term projects that promote economic growth and job creation.

Gualcamayo contains significant resources, with more than 5 million ounces of gold reported, including 3.2 million ounces in proved and probable reserves based on the latest international certification from April 2025. The project aims to transform the site into a productive hub with a low carbon footprint and modern technology.

This approval represents a key milestone for the mining sector in San Juan, reinforcing the province's position as a major contributor to Argentina's mineral production. It aligns with efforts to foster responsible resource development, secure investment, and generate sustainable benefits for local communities.

The decision underscores the growing interest in Argentina's mining potential under the RIGI framework, with multiple projects now advancing across various commodities and regions.