Record gold reactivated projects in Argentina and the Government approved another RIGI for an investment of US$ 665 million

In addition, its prospect of high prices over the next few years reactivated projects in the country or prevented the closure of mines. And now he just pulled the official approval of a Large Investment Incentive Regime (RIGI) for US$ 665 million.

Important: new RIGI approved

The RIGI Evaluation Committee approved the Gualcamayo project, a gold and silver mining development in the province of San Juan with a total investment of USD665 million. This project allows the extension of the life of a mine in the depletion stage…

— totocaputo (@LuisCaputoAR) December 23, 2025

The Minister of Economy, Luis Caputo, announced this Tuesday that “the RIGI Evaluation Committee approved the Gualcamayo project, a gold and silver mining development in San Juan.” “This project allows the extension of the life of a mine in the depletion stage, with the development of a different type of mineralization, and will employ 1,700 people directly,” he added.

In the country there are 13 gold mines that were active in the last decade: Lindero (Salta), Bajo La Alumbrera (Catamarca), Veladero, Casposo, Gualcamayo (San Juan), San José, Cerro Vanguardia, Cerro Negro, Cerro Moro, Don Nicolás, Manantial Espejo, Cap Oeste and Lomada de Leiva (Santa Cruz).

Of these, the last three and Bajo La Alumbrera currently have no production, while Casposo -by Eduardo Elsztain- and Gualcamayo were reactivated due to the increase in prices in recent years; and even in the sector they consider that San José and Cerro Vanguardia would have closed with other international values.

So far this year, the metal has accumulated an advance of more than 70%, consolidating itself as one of the main refuges of value in a context of growing global uncertainty.

With this performance, Gold is on track to close 2025 as the year with the greatest appreciation since 1979. Silver accompanied the trend and also set a record up to US$ 71 per ounce, with an increase of almost 140% annually.

The rise of both metals responds, in part, to the markets’ expectation that the United States Federal Reserve will continue with the cycle of rate cuts in 2026, which weakens the dollar and makes real assets more attractive.

Also influencing are President Donald Trump’s signals in favor of a more flexible monetary policy and the increase in geopolitical tensions, particularly the conflict between the United States and Venezuela.

Meanwhile, with the new approval of the RIGI, Caputo pointed out that There are already 10 authorized projects with investments of 25,000 million dollars.

Minas Argentinas SA, a company that makes up Aisa Group – owned by Spaniard Juan José Retamero -, foresees work in Gualcamayo for the next three decades, after entering a mine without activity in 2023.

The approved RIGI contemplates an investment of more than US$660 million, of which US$50 million will be allocated to geological exploration. The central axis of the project is the development and exploitation of the Deep Carbonates Project (DCP), a new underground mine that contains some 2.45 million ounces categorized as reserves.

Prefeasibility studies are already advanced. Immediately, work will begin on the engineering and technical feasibility of the project. In terms of employment impact, it is expected that, gradually, the construction stage, estimated for the end of 2027, will generate between 1,000 and 1,500 jobs. Once production begins, scheduled for the end of 2029, around 600 permanent direct jobs will be consolidated.

The project includes the development of a state-of-the-art underground mine, a new processing plant and, fundamentally, the incorporation of a modern technology pressure oxidation (POX) plant that will allow complex minerals to be processed, releasing the gold contained in the mineral and enabling efficient recovery.

This POX plant will be one of the first in South America and one of the few facilities of its type in operation worldwide, positioning San Juan and Argentina at the forefront of technological and industrial development in mining, highlighted Retamero.

In addition, the plan includes the construction of a 50 megawatt (MW) photovoltaic park, intended to supply the operation’s electrical demand and significantly reduce its carbon footprint.