Antofagasta plc is evaluating potential entry into Argentina's mining sector, weighing independent exploration or strategic partnerships to tap into what Bloomberg calls a 'copper fever' in the neighboring nation.
CEO Iván Arriagada told Bloomberg that the company is looking at options such as joining established projects. One specific target mentioned is Glencore’s El Pachón, a copper and molybdenum deposit in San Juan province located just five kilometers from the Chilean border.
Arriagada noted that while the initiative is in its early stages, the company sees 'opportunities for synergy' between the two nations. He suggested that Argentine projects could utilize a 'service platform' that can be provided from Chile, leveraging the advanced development of the Chilean mining industry.
Strategic expansion and investment incentives
Antofagenta plc, the parent company of Antofagasta Minerals, previously held an interest in El Pachón before exiting in the 1990s. Glencore now controls the project, which requires an estimated $9.5 billion in investment.
Argentina's mining exports reached $6.073 billion in 2025, a 30% year-on-year increase, according to government data. While gold, lithium, and silver dominated recent export totals, the country's copper potential is attracting renewed international interest.
Recent legislative changes under President Javier Milei’s administration may further drive this interest. The newly implemented Regime for Incentives for Large Investments (RIGI) offers significant tax benefits, exemptions from export duties, and 30-year stability for major projects.
Beyond copper, Argentina holds massive reserves in the 'Lithium Triangle' alongside Chile and Bolivia. The U.S. Geological Survey ranks Argentina as the world's fifth-largest lithium producer and the leader in global lithium resources.
Despite the interest in Argentina's mineral wealth, Arriagada stated that the company has not yet identified a specific final objective for its expansion efforts.
