CÓRDOBA.- The company Minas Argentina formalized an investment plan for US$1 billion in San Juan under the Large Investment Incentive Regime (RIGI) scheme, to which the province joined in mid-August.
This is a disbursement for the exploitation of gold in Gualcamayo, mine that is operated by the company and was in the process of closure. As they explained, it now has a projection “of more than 30 years.”
The governor of San Juan, Marcelo Orrego (Together for Change), received this Monday Ricardo Martinezexecutive director of the company, who presented the gold exploitation project to him.
The Minister of Mining, Juan Pablo Perea, explained that the initiative is “possible thanks to the adhesion of the province and the mining municipalities to the RIGI. Besides, makes possible the reopening of the mine, “which was about to begin its closing process, with new investments and continuity of work in the medium and long term.”
He Deep Carbonates Project is the most important initiative within the framework of the project presented: it will produce 120,000 ounces of gold annually for a period of no less than 17 years with an estimated investment of US$485 million, and foresees the generation of 1,000 jobs during construction and another 400 in the operation stage.
The global initiative contemplates the installation of an industrial lime plantwhich adds the realization of a gas pipeline from San Juan to Jáchal and Gualcamayo. The work will allow the supply of natural gas to the northern region of San Juan and, consequently, “will generate an unprecedented social and economic impact in the medium and long term,” official sources indicated. That investment is about US$75 million.
Also included is the first stage of a photovoltaic park that will be built in Gualcamayo. Although the comprehensive project contemplates a production of 800 Mb, In this first RIGI the commitment is for 50 Mb for exclusive use of the mine, with an investment of US$37 million to begin next year.
During the meeting, the company also announced that will make investments in exploration of the order of US$50 million for the next five years.
The investment plan is completed with “expansion, refunctionalization and repowering of its current leaching systemwhich will allow, starting in 2025, to produce gold and silver in the coming years.” In all these concepts, they will be allocated US$360 million.
“We are very happy with the progress we are making in Gualcamayo. This was a mine in the process of closing a year ago and today it is generating million-dollar investments that will give us, at least, three more decades of work -said Martínez-. When the right conditions are created, the right teams are formed and, above all, there is the drive of a family determined to invest to generate more development, the only path is growth.”
It is the Government that must now evaluate the investment plan, request additional data – if considered – and issue a resolution of approval or rejection within a period of 45 business days. Once it receives approval from the Ministry of Economy, the company will be authorized to begin its work under the conditions established in the RIGI.
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