Project: MARA = Minera Agua Rica–Alumbrera; Agua Rica orebody + former Alumbrera processing/infrastructure complex.
Agua Rica / MARA is Glencore’s large, long-life copper–gold–silver–molybdenum development in Catamarca. The project combines the high-altitude Agua Rica porphyry deposit with the existing Alumbrera concentrator and infrastructure 35 km away, materially reducing greenfield infrastructure requirements. Glencore now owns 100%. The project remains pre-development, but has advanced materially in 2026: the exploitation EIA has been submitted and Argentina approved MARA under the RIGI investment regime on 2 October 2026.
Links
Media
- Oct-26: Glencore gets RIGI nod for $4B Argentina copper project (checked 5-Oct-26)
Notes
Owner/operator: Glencore
Nearest settlement: Andalgala (14 kinh, 26 km)
Resources, 2025: 1.21 Bt M&I @ 0.48% Cu, 0.20 g/t Au, 3.4 g/t Ag, 0.03% Mo; plus 110 Mt inferred @ 0.29% Cu, 0.09 g/t Au, 1.9 g/t Ag, 0.03% Mo
Reserves: Glencore’s 2025 R&R report does not currently report an Ore Reserve for MARA. The older 2019 PFS reported 1.105 Bt P&P @ 0.49% Cu, containing c. 5.37 Mt Cu and 7.38 Moz Au; I would treat this as historical rather than current reserve data
Operations: conventional, large-scale open-pit mine. Primary crushing. ore transported c. 35 km by overland conveyor to the Alumbrera concentrator; grinding/flotation
Planned production: > 200 ktpa copper-equivalent (156 ktpa Cu; 108 kozpa Au; 1.8 Mozpa Ag; 4.6 ktpa Mo)
Co-products: Ag, Au, Mo
Köppen climate type: Cwb - Subtropical highland climate or temperate oceanic climate with dry winters
The mine has a long history of opposition centred particularly on water and environmental impacts. A municipal prohibition on open-pit mining was ultimately left invalidated by Argentina’s Supreme Court in 2026, reducing one legal obstacle but not eliminating the underlying social-licence risk.
Created 5-Oct-26;