Mining in San Juan celebrates its day today with an encouraging fact: for the sixth consecutive year it is the province that concentrates the majority of exploration investments. During the last season, nearly 300 million dollars, that is, 70% of what companies invested throughout the country, went to local projects. It was a record campaign even for the numbers that the province has in general, since according to the Mining Chamber, there were almost 70 drilling rigs working simultaneously. Although they have not yet calculated the meters that were obtained in the campaign, which extends during the warmest months and will end in the coming weeks, the number of samples obtained would also be a record. These results are closely linked to the fact that in the San Juan territory there are five very advanced copper projects, which are in feasibility and pre-feasibility. As a counterpart, the local sector warned that although it is good, a boost like that of the RIGI is necessary for this potential to become producing mines.
Ricardo Martínez, president of the San Juan Mining Chamber, announced that according to the data they have so far, the 2023-2024 exploration campaign had investments “between 250 and 300 million dollars.” According to a report from the CAEM (Argentine Chamber of Mining Companies), the total invested throughout the country was 426 million dollars. The final value of what they allocated to San Juan projects will be ready once the campaign is over. But at the local level, another piece of information that revealed the intensity of the work is the number of drilling rigs working simultaneously, which reached 68. “There was a very interesting movement and with many good results, with a peak with a record number of machines and therefore of polls,” explained the businessman.
This has to do with the status of the works, since San Juan is the only province with several explorations undergoing feasibility or pre-feasibility. This means that companies already know that there are valuable reserves but they advance by estimating the resources with the aim of presenting these values to the international market. In this instance, the province has the 5 most advanced copper projects in the country: Josemaría, Los Azules, Filo del Sol, Altar and Pachón. In the midst of the international furor to find deposits of this metal for the energy transition, San Juan took the lead and for 6 years it has been the province with the most investment in exploration in the country. In addition, for the third consecutive year it is the best investment destination in the country, according to the Fraser index.
In turn, it is the most advanced projects that drill the greatest number of meters. This is because they must advance with a density of samples (greater quantity in depth and closer to each other) and also because they are the ones that obtain the most and easiest international financing. In the first years, the investment is usually lower and then the bulk of the money is concentrated towards the end of feasibility. Another sign of maturity and international interest that this season reflected has to do with the arrival of new companies that joined the local map. Martínez highlighted the investment made by Teck Resources, a Canadian mining company that entered the La Coipita copper and gold project.
But, although the president of the Mining Chamber said that all these results are favorable, there are still signs from the economy and politics for mining projects to begin to be built. “Exploration continues to be a record, it will continue to be a record and we will continue talking about exploration and not exploitation if the RIGI (Large Investment Incentive Regime) does not come out,” Martínez assured. The thing is that although the province has advanced more than the rest of the country, even with gold projects like Hualilán, for businessmen, macroeconomics and fiscal stability are still not enough to tempt international funds.
>> ADVANCED COPPER PROJECTS
JOSE MARIA
It is the most advanced mine, it has its DIA approved and is in the pre-construction process. He is in the Church and will be at least 29 years old.
EDGE OF THE SUN
The project explores annually thanks to the infrastructure of Josemaría, which is 10 km away. It has good results and could become a binational giant.
THE BLUES
It is the seventh largest deposit in the world and is in Calingasta. The largest exploration campaign of the year is ending: 65,000 meters and 23 machines simultaneously.
PACHON
The fourth largest copper deposit in the world. It is located in Calingasta and has advanced exploration, with the possibility of submitting IIA soon.
ALTAR
Located 40 km from Pachón, it is undergoing exploration and recently signed a contract with Nuton, from Rio Tinto, to advance with studies so that the mine can use leaching.
