Published by Global Banking & Finance Review®
Posted on December 3, 2025
1 min readLast updated: January 20, 2026
Add as preferred source on GoogleGlencore will restart the Alumbrera copper mine in Argentina by 2028, driven by favorable tax policies and rising copper prices.
BUENOS AIRES, Dec 3 (Reuters) - Glencore plans to restart operations at its Alumbrera copper mine in Argentina by the end of next year, it said on Wednesday, after it became the last to produce the red metal in the country before shuttering the site in 2018.
Alumbrera, in the northern province of Catamarca, will likely kick off production by the first half of 2028, Glencore said in a statement.
"The decision to resume operations ... is based on the context of a robust tax regime, which provides greater support for investment in the Argentine mining industry, in addition to the sustained increase in copper and gold prices, and the positive outlook for both commodities," Glencore said.
Under libertarian President Javier Milei, Argentina has rolled out a tax break program known as the Large Investment Incentive Regime (RIGI), which miners have benefitted from.
(Reporting by Lucila Sigal; Writing by Kylie Madry; Editing by Sarah Morland)
Copper is a reddish-brown metal that is highly conductive and used in electrical wiring, plumbing, and various industrial applications. It is also a key component in many alloys.
A mining tax regime refers to the specific tax policies and regulations that govern the taxation of mining companies. This can include royalties, income taxes, and incentives aimed at promoting investment in the mining sector.
Investment in the mining sector involves allocating capital to mining operations, including exploration, extraction, and processing of minerals. This investment is crucial for the development and sustainability of mining projects.
Commodity prices are crucial as they determine the market value of raw materials like copper and gold. Fluctuations in these prices can significantly impact mining companies' profitability and investment decisions.
Explore more articles in the Finance category
