Antofagasta Plc is taking an early look at opportunities in Argentina as sweeping policy changes revive interest in one of the world’s most promising new copper frontiers, Chief Executive Officer Iván Arriagada said in an interview.
The Chilean miner would consider entering through standalone exploration or a partnership with existing projects, such as Glencore Plc’s El Pachón, which is just across the border from Antofagasta’s flagship mine in Chile, Arriagada said Monday. The interest is at an early stage, without any specific targets, he said.
Antofagasta sees a natural advantage in leveraging Chile’s established mining ecosystem to support developments across the Andes. Projects in Argentina could rely on Chilean infrastructure – including ports, water access and logistics – as well as technical expertise built over decades.
“We see that there are synergistic opportunities,” Arriagada said, adding that projects may require “a platform of services that can be provided from Chile.”
Argentina's President Javier Milei has moved to unlock investment by easing restrictions, including changes to glacier protections, and introducing incentives under the RIGI regime covering tax, customs and foreign-exchange rules. The government is seeking to position Argentina as a major copper supplier, tapping rising demand driven by electrification and other industrial uses. But a lack of established infrastructure remains a hurdle for mining projects.
Antofagasta’s history in Argentina has been limited, with no major operating foothold. The company previously held an interest in El Pachón before exiting in the 1990s. The project later came under Glencore’s control and is now expected to require investments of US$9.5 billion.
Antofagasta has reviewed opportunities in Argentina over the years but prioritised Chile, where it has greater operational expertise, infrastructure advantages and a more stable regulatory framework.
London-listed Antofagasta also remains committed to advancing its US copper ambitions despite slow permitting progress. The US Senate is expected to vote on a proposal to overturn a mining ban in a Minnesota wilderness area, a move that could benefit the company and support Washington’s push to secure domestic supplies of critical minerals.
Arriagada signalled openness to partnerships in the US to help share infrastructure and manage development challenges as the industry faces tighter regulation and rising costs.
by James Attwood, Bloomberg
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