Minas Argentinas SA, a subsidiary of the Aisa Group, has formally submitted a USD 1 billion Investment Plan to be executed under the Large Investment Incentive Program (RIGI). The operator of the Gualcamayo Mine has become the first company based in San Juan to formally join this program, committing the largest amount under this system in the entire region.

The Unique Project Vehicle (VPU) presented includes various initiatives and investments, the most significant of which is the DCP – Deep Carbonates Project. In 2025, Minas Argentinas will complete the feasibility study and engineering designs required to define a production plan and initiate construction of the new underground mine, a milling system, and a flotation plant with a capacity of 3,500 to 4,000 tons per day, among other developments. Deep Carbonates is expected to produce approximately 120,000 ounces of gold annually for a period of at least 17 years. The estimated investment is USD 485 million, with the creation of about 1,000 jobs during construction and 400 during the operational phase.

Additionally, USD 52 million will be invested in Exploration over the next five years. Minas Argentinas will work under two main objectives: increasing the amount of Resources and Reserves at Deep Carbonates and developing new sectors for future production. Drilling operations have resumed, and the company has engaged specialists from Argentina, Chile, and Australia. This new exploration will not be limited to gold. Initial work has already shown strong geochemical evidence of one or more molybdenum, gold, and copper porphyry deposits in the most well-known sectors of the deposit.

The investment plan under RIGI also includes Industrial Lime Production. Gualcamayo is a large high-purity limestone deposit, with over 400 million tons already extracted and crushed, plus high-quality carbonate resources at several potential quarries. The geographic location of the deposit provides a logistical advantage to supply lime to major consumers, such as copper projects in northern San Juan, Catamarca, and Salta, mining projects in northern Chile, and lithium plants in northern Argentina. Developing this project will require building a gas pipeline from San Juan to Jáchal and Gualcamayo, which will also enable the extension of natural gas supply to the northern region of the province, creating an unprecedented social and economic impact. The estimated investment is USD 75 million, set to begin once the gas pipeline project is complete.

This first VPU submitted by Minas Argentinas includes the initial phase of a Photovoltaic Park to be built in Gualcamayo. While the full project is expected to produce 800 MW, this first RIGI commitment involves constructing a 50 MW park exclusively to meet the mine's electricity needs, with a USD 37 million investment beginning next year. Later, a 500 kV connection to the National Interconnected System (SIN) will be built to enable energy sales throughout the country, as part of a second VPU.

The Minas Argentinas investment plan also includes expansion, refunctionalization, and repowering of its current leaching system, which will allow for continued gold and silver production in previously exhausted areas starting in 2025. It also outlines a series of environmental restoration efforts in non-productive areas. These projects will require investments of approximately USD 350 million and are scheduled to begin in the first quarter of next year.

"We are very pleased with the progress we’re making in Gualcamayo. This mine was on the path to closure a year ago, and today it’s attracting multimillion-dollar investments that will provide at least three more decades of work. When the right conditions are created, the right teams are formed, and, above all, you have the drive and commitment of a family like that of Juan José Retamero, determined to invest to spur more development, the only path forward is sustained growth, and that’s what we’re betting on at Minas Argentinas," stated Ricardo Martínez, CEO of Minas Argentinas SA.

He also highlighted the key role of the internal teams, whose experience and capabilities have been crucial in advancing this ambitious investment plan. Additionally, he emphasized the importance of collaboration with a renowned international advisory firm from the “Big Four” group, which provided strategic consulting and coordinated the document management required to ensure compliance with the highest international standards.

Minas Argentinas SA and Aisa Group are already considering the presentation of a second VPU in the coming months, once this initial RIGI is approved. This could potentially involve an additional USD 1 billion investment in photovoltaic generation and the construction and/or improvement of the high-voltage transmission system.

The formal process of submitting the VPU was completed just hours ago. The National Government will now evaluate the investment plan, request additional information if deemed necessary, and issue a resolution of approval or rejection within 45 business days. Only with the Ministry of Economy’s approval will Minas Argentinas be authorized to begin work under the conditions established in the recently enacted RIGI, to which the province of San Juan has appropriately adhered.