Austral Gold, the precious metals producer led by chairman Eduardo Elsztain, has restarted production at the Casposo gold mine in San Juan province after investing more than $15 million in exploration and plant overhaul, with the company projecting $60 million in exports for 2026.
The reinauguration in the Calingasta department drew Governor Marcelo Orrego, National Mining Secretary Luis Lucero, Austral Gold president Eduardo Elsztain, CEO Stabro Kasaneva and Casposo general manager Rubén Femenía.
Casposo carries an estimated mine life of six to seven years and projected production of around 120,000 ounces of gold equivalent. Its operating model combines own-mine production with toll processing of third-party ore — positioning the site as a regional hub in San Juan's southern mining belt. Austral Gold acquired the asset in 2016, and it returns to operation after a period of care and maintenance.
The operation generates more than 300 direct and indirect jobs, with 99% of the workforce drawn from San Juan province. Calingasta and its local supplier chain are the primary beneficiaries.
"This is a project we worked on for more than 10 years. Reaching this point shows that long-term vision pays off. Beyond the local impact, this project will generate around $60 million in exports in 2026 alone, contributing to the country's productive development," Elsztain said at the ceremony.
Femenía said the relaunch reflected years of work and a commitment to consolidate Casposo as a processing center able to sustain employment and regional development. He pointed to environmental, safety and community-engagement standards as central to the mine's operating model.
Governor Orrego framed the restart in provincial terms: "Mining has to do with improving the lives of the community, and we are going to take advantage of it. Argentina is a country rich in human and mineral resources. The benefit for any government is more employment, more added value, and people choosing to live here. That is our north."
A Regional Hub With Own and Third-Party Production
The hub model — combining mine output with toll processing of third-party concentrate — is the operational thesis Austral Gold has put forward to extend Casposo's economic life beyond its own reserve base. Provincial authorities have framed the model as a pattern other dormant San Juan assets could replicate, particularly in Calingasta, where the proximity of multiple gold and copper prospects creates scope for shared processing capacity.
The Casposo restart comes amid a favorable international price environment for precious metals and a broader pickup in Argentine mining activity, following the Milei administration's deregulation of the sector and the rollout of Argentina's Large Investment Incentive Regime (RIGI) — both of which have unlocked long-stalled capital commitments across copper, lithium and gold.