Glencore targets one million tons of copper production in Argentina by the end of this decade

The CEO of Glencore's Latin American operations said that the company expects to produce one million tons of copper in Argentina in 10 to 15 years.

Martin Perez de Solay, Glencore Argentina's CEO, said that Argentina can supply the global market with 2,000,000 tons of copper within 10 years.

Glencore submitted its applications to the government for its Large Investment Incentive Program (RIGI) in Argentina earlier this week.

Perez de Solay said that the company had applied to RIGI, without specifying a timeline, for a combined production of 500,000 metric tonnes from these projects once they are online.

Since the closure of Bajo de la Alumbrera in 2018, Argentina hasn't produced any copper.

BHP and other peers

The mining industry has also announced plans to make investments in this South American country, which officials say could become a major copper producer. Chile and Peru, however, have long been the dominant nations in the sector. (Reporting and writing by Lucila SIGAL; editing by Daina Beth SOLOMON and Sarah MOLAND)

(source: Reuters)