Argentina's RIGI regime approves 21 projects worth nearly $47 billion

Argentina's "Regime for Incentives for Large Investments" (RIGI) is proving to be a significant economic driver, having already approved 21 projects with a combined investment of nearly $47 billion. These initiatives are predominantly focused on mining, oil, and gas.

The flagship project is YPF's integrated natural gas production and liquefied natural gas (LNG) export plan, valued at $51 billion. This represents the largest private investment in Argentina's history and the most substantial under the RIGI to date. The RIGI, established by Law 27.742, offers national and foreign investors fiscal benefits and legal security, with a two-year application window, extendable by one year, closing on July 8, 2027.

Mining projects represent a substantial portion of the approved investments, with 12 projects totaling over $13 billion. The Vicuña copper exploitation project in San Juan, a joint venture between BHP and Lundin Mining, leads this sector with an estimated initial investment of $9.7 billion, making it Argentina's most significant mining proposal and a major global project. Other key mining investments include Los Azules ($2.7 billion) and PSJ Cobre Mendocino ($891 million).

Six lithium projects have also received approval, collectively exceeding $6 billion. Rio Tinto's "Rincón de Litio" project in Salta is the largest, with a $2.7 billion investment aimed at producing 60,000 tons of battery-grade lithium carbonate annually. The oil and gas sector also sees significant activity, with five RIGI-approved projects. Southern Energy's Gas Natural Licuefacción project involves installing two floating units in the San Matías Gulf for LNG production and export, expected to boost national gas output by 20%. Pampa Energía's Rincón de Aranda project in Vaca Muerta, Neuquén, will invest $4.5 billion to expand unconventional oil production.