First Quantum Minerals is preparing to apply before the end of the year for Argentina’s large-investment incentive regime for its massive Taca Taca copper project. The initiative is part of President Javier Milei’s broader effort to attract foreign investment to Argentina, particularly in the mining sector, with the goal of positioning the country as a major copper supplier. The project, located in the northwestern province of Salta, represents an initial investment of $4.2 billion, with the potential to rise to $5.25 billion. It is expected to create up to 4,000 construction jobs and 2,000 operating jobs.
The Taca Taca project is one of the world’s largest undeveloped copper deposits. First Quantum estimates it could produce approximately 209,000 metric tons of copper annually over a 35-year mine life, with possibilities for future expansion. This project is strategically important for First Quantum as it seeks to secure future copper supply and rebuild growth following the shutdown of its flagship Cobre Panama mine.
Foreign Minister Pablo Quirno highlighted the significance of the project, emphasizing its role in Argentina’s economic development and its potential to boost the country’s position in the global copper market. The RIGI tax-break mechanism is a key component of Argentina’s strategy to foster foreign investment and economic growth.