Latest news with #LargeInvestmentIncentiveRegime
Reuters
12-02-2025
- Business
- Reuters
McEwen Copper requests major tax breaks for Los Azules copper mine in Argentina
BUENOS AIRES, Feb 12 (Reuters) - Canadian miner McEwen Copper, a subsidiary of McEwen Mining ( opens new tab, has submitted a request to join an Argentine government incentives program that would give it significant tax breaks for its Los Azules copper project in San Juan province, it said. McEwen plans to invest $2.7 billion in the mine. It has committed $227 million under the Argentine government's Large Investment Incentive Regime (RIGI) to carry out the mine's feasibility study, do exploration works, and prepare for construction. The company could pour an additional $2.5 billion into the site to build the mine and production facilities under the incentives mechanism if approved, it said in a statement late on Tuesday. Once the government gives McEwen the green light, its corporate tax rate for the Los Azules project will fall from 35% to 25%, and it will be exempt from value-added tax during construction and from export duties. "Argentina is once again opening its doors to business activity," said Robert McEwen, head and top stakeholder in McEwen Mining. Los Azules could kick off construction in early 2026, pending environmental permits, a feasibility study and the RIGI tax approval, the firm said. The mine is one of Argentina's prime copper projects, located 3,500 meters above sea level in the Andean mountain range. Argentina is mineral rich and could be key to meeting growing demand for copper due to the energy transition, but it has not produced the metal since 2018 when the Alumbrera mine was shuttered. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Reuters
29-01-2025
- Business
- Reuters
India seeking energy, lithium investments in Argentina
BUENOS AIRES, Jan 29 (Reuters) - India is looking to expand its investments in Argentina's mining, gas and oil sectors, with a focus on lithium, to secure resources needed for its energy transition, the country's mining secretary told Reuters. Secretary V.L. Kantha Rao visited Buenos Aires for the first in-person meeting with Argentine counterparts since the two countries tied up a preliminary agreement in 2022 on mineral exploration, critical minerals supply and technology development. Indian state firms Khanij Bidesh India Ltd (KABIL) and Coal India ( opens new tab, along with private company Greenko, are already exploring lithium in Argentina's northwest province of Catamarca, on the border with Chile. "We hope that in the next six months there will be a new announcement," Rao told Reuters at an event at the Indian embassy in Argentina on Tuesday, where he added that there is interest in other nearby provinces such as Salta. India, a major greenhouse gas emitter, is securing key minerals in resource-rich nations like Australia, Argentina, and Chile. Prime Minister Narendra Modi's government has identified 30 critical minerals, including lithium, for its clean energy push. "India has a very ambitious plan to transition many vehicles to electric. We aim to convert 30% of our vehicles by 2030," India's ambassador to Argentina, Dinesh Bhatia, told Reuters. Indian officials, who will visit Catamarca and meet Argentine Economy Minister Luis Caputo, touted potential benefits from the Latin American nation's so-called Large Investment Incentive Regime (RIGI), which offers tax benefits for investments over $200 million. "We want a stable (framework), not one that changes every five years," Rao told reporters. "Right now, policies are investment-friendly, and companies are coming." Argentina, the world's fourth-largest lithium exporter, is part of the "lithium triangle" with Chile and Bolivia. President Javier Milei is pushing deregulation to attract investment and ease a prolonged economic crisis. India is also eyeing investments in Argentina's copper, gold, gas and oil resources. Last week, Argentina's state-controlled oil firm YPF ( opens new tab signed a memorandum of understanding with three Indian companies for potential liquefied natural gas (LNG) exports.
