Argentina’s flagship investment incentive scheme for large projects should be extended beyond its current 2027 deadline, the head of the country’s main mining chamber said Thursday, arguing the programme has been key to unlocking billions of dollars in planned investments.
Roberto Cacciola, president of the Argentine Chamber of Mining Companies (CAEM), said the Incentive Regime for Large Investments (RIGI) has helped attract capital to the sector by offering tax, currency and legal stability benefits for projects worth more than $200-million.
The scheme should be broadened to cover smaller projects, which play a key role in job creation and supporting local supply chains, Cacciola said.
“I think it would be a big mistake (not to expand it),” Cacciola said on the sidelines of the Expo San Juan Mining conference.
On Thursday, Argentine President Javier Milei said on X that he would send to Congress a “Super RIGI” law to promote investment in new sectors, without giving more details.
Argentina’s mining sector is expected to draw about $2-billion in investment this year, Cacciola said, led by projects
such as BHP’s $800-million push into the Vicuna copper development with partner Lundin Mining. Many of these investments have been encouraged by RIGI, he added.
The government, however, has indicated the program is temporary. Mining Secretary Luis Lucero recently told Reuters authorities are not planning to extend the current application deadline, which already runs through July 2027.
Seven mining projects have so far been approved under RIGI, representing $8.1-billion in investment, with 13 more under review. Total submitted and approved projects amount to more than $50-billion, Lucero said.
ELECTORAL RISK
Analysts have said companies are likely to accelerate applications ahead of Argentina’s 2027 presidential election.
“I think that between now and the middle of 2027 there will be a significant number of filings from companies that will want to hedge their projects against the electoral risk of next year,” Marcelo Garcia of consultancy Horizon Engage said.
Concerns about policy continuity are already present among multinational mining firms, Cacciola added. “The parent companies naturally have it on their agenda… I’m sure they’re concerned,” he said, pointing to uncertainty over regulatory stability, fiscal policy and the broader macroeconomic outlook.
Argentina’s sweeping economic adjustment under Milei has helped stabilize key indicators and boosted export-oriented sectors such as mining, though it has also weighed on consumption, domestic demand and real wages, denting the government’s popularity.
Still, Garcia said underlying investor interest in Argentina’s mining potential remains strong.
“They know that the path will likely not be linear,” he said. “They could adapt to an adjustment of conditions if the
general course of promoting mining development is not modified.”