Argentina Boosts Mining Sector With $1.14 Billion Investment

Argentina has approved two significant mining investments worth $1.14 billion to expand the Veladero gold mine and develop the Diablillos gold and silver project. These initiatives, part of the country's Large Investment Incentive Regime, are expected to generate $750 million in annual exports.

In a significant boost to Argentina's mining sector, two major investments totaling $1.14 billion have been approved, according to the country's economy minister, Luis Caputo. The projects are the latest addition to Argentina's Large Investment Incentive Regime (RIGI).

The first project is a $380 million expansion of the existing Veladero gold mine. The second initiative, known as the Diablillos project, involves a new gold and silver mine with a projected investment of $760 million. Together, these ventures are expected to generate $750 million annually in exports, significantly benefiting the San Juan, Salta, and Catamarca regions.

The Veladero mine aims to increase its output by 1.6 million ounces over its lifespan, an ambition announced last August. Meanwhile, the Argentinian government has extended the RIGI scheme's adherence deadline by one year, indicating ongoing support for the mining industry.