Glencore receives approval for Agua Rica deposit in Argentina

Glencore PLC on Friday announced it received approval for Minera Agua Rica Alumbrera in Argentina under the incentive regime for large investments, known as RIGI.

The Baar, Switzerland-based diversified mining company said Agua Rica is a large-scale copper, gold, silver and molybdenum deposit in the province of Catamarca.

Glencore said it continued to make good progress with the restart of Alumbrera, with first production now expected in the second half of 2027, earlier than its previous guidance of the first half of 2028.

Martin Perez de Solay, chief executive officer of Glencore Argentina, said: "RIGI approval is a significant milestone for MARA and a clear sign of confidence in Argentina's long-term investment framework, helping to underpin the country's ambition to be one of the world's leading copper producers."

He added: "The RIGI provides the fiscal and regulatory certainty needed to commit capital of this scale, and we thank the national authorities and the province of Catamarca for their constructive engagement throughout the process. Together with the restart of Alumbrera and our plans for El Pachon, Argentina represents a key pillar of Glencore's copper growth, supporting our efforts to enable skilled employment, build local supply chains and deliver the copper the world requires."

Earlier on Friday, Glencore had said it expects full-year marketing adjusted earnings before interest and tax to exceed USD5.0 billion, as it confirmed the date of its secondary listing on the ASX.

The firm said the 2026 expectation reflected its near-record first-half marketing performance, primarily driven by"materially reshaped" crude oil, refined products, gas and freight markets.

Glencore separately updated its long-term, through-the-cycle marketing adjusted earnings before interest and tax guidance methodology, with the new methodology intended to apply from 2027.

The updated methodology gives a long-term guidance range of USD2.8 billion to USD4.2 billion, with a midpoint of USD3.5 billion, compared with its previous range of USD2.3 billion to USD3.5 billion.

For 2025, the firm had reported a marketing adjusted Ebit of USD2.9 billion.

Glencore shares rose 2.6% to 559.30 pence each on Friday afternoon in London, while in Johannesburg its shares were up 3.1% at ZAR123.57.

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