The Evaluation Committee of Argentina’s Incentive Regime for Large Investments (RIGI) approved the Gualcamayo project from Minas Argentinas (Aisa Group) for gold and silver mining in San Juan province, with a total investment of US$665 million.
On social media platform X, Economy Minister Luis “Toto” Caputo celebrated the approval, saying, “This project extends the life of a mine in its depletion stage by developing a different type of mineralization and will employ 1,700 people directly. With this approval, there are now 10 RIGI projects with a total investment exceeding US$25 billion.”
Gabriel Corvo, general manager of Minas Argentinas, said, “Gualcamayo will soon become a major driver of Argentina’s economy. We have the mineral resources and the technical teams to develop a large-scale project, and we will do so with the same commitment as always, working with local suppliers and prioritizing labor from our communities.”
Juan José Retamero, head of Aisa Group, said: “Including the project under RIGI highlights the true scale of this investment. The project centers on building a high-pressure oxidation plant, a highly complex technology that will process refractory ores. It will be one of the few facilities of its kind in the world and the first of its type in South America. This development places Argentina and San Juan at the forefront of global mining technology and industrial innovation.”
“Building and operating a plant of this nature involves not only infrastructure investment but also knowledge," he added. "The project includes extensive training for Argentine professionals and technicians, who will operate, maintain and optimize highly sophisticated industrial processes. This specialized human capital is a strategic national asset and one of RIGI’s most significant impacts.”
“With RIGI approval, we are formally entering a new project phase, advancing pre-feasibility and feasibility studies, and completing the engineering required for execution. This process will create increasing numbers of skilled jobs—first during development and construction, and later in long-term operation. We are talking about a project designed to last decades, with clear rules, a solid technical base and a forward-looking industrial vision.”
Deep Carbonates: the new “game changer”
The Gualcamayo mine, in the northern part of San Juan province near the La Rioja border, represents one of the most fascinating milestones in contemporary mining engineering due to its evolutionary transition and technical boldness in extracting value from resources others might consider marginal.
It is a mining deposit located in the northern part of San Juan province, near the border with La Rioja province. Minas Argentinas began exploring the area in 1994. Construction of the mine started in 2007, and steady production began in 2009.
Today, Gualcamayo’s production is focused on the secondary recovery of its leach pads. In other words, the ore that was extracted and crushed during the mine’s operational phase is now being reprocessed to recover the remaining gold.
The complex holds ISO 14001 environmental certification from Moody International and complies with the International Cyanide Management Code, under the United Nations-backed International Cyanide Management Institute (ICMI).
Gualcamayo produces doré bars—metal bullion primarily containing gold and silver—which are fully exported for refining and sale abroad.
The company is now developing the “Proyecto Carbonatos Profundos,” Deep Carbonates Project, beneath the mine’s former productive zones. It has over 3 million ounces of certified gold resources, including 1.6 million ounces classified as reserves.
Based on current resources, excluding ongoing and future exploration, Deep Carbonates is projected to produce about 120,000 ounces of gold annually for at least 17 years.