As far as he could know Energy Reportit is a diversified investment project, which includes mining, renewable energies and development of industrial limes.
The initiative was raised this afternoon by Minas Argentinas SAa member company of AISA Groupbefore the governor of San Juan, Marcelo Orrego, who expressed his support for the initiative, which must then be presented to the Ministry of Economy of the Nation.
With this presentation, Argentine Minesthe operator of the Gualcamayo Mine It became the first company based in San Juan to formally join the RIGI and is, so far, the largest amount of money committed under this system in the entire region.
Deep Carbonates Project: investment of US$485 million
The mining businessmen explained to the president that the VPU (Single Project Vehicle) presented contemplates different initiatives and investments. The most relevant is, without a doubt, the one that corresponds to the DCP – Deep Carbonates Project. According to them, Minas Argentinas will complete during 2025 the feasibility and engineering study that will allow defining a production plan and the subsequent start of construction of the new underground mine, a grinding system and a flotation plant with a capacity for between 3,500 and 4,000 tons per day, among others.
In this way, it is expected that Deep Carbonates produce about 120,000 ounces of gold annually for a period of no less than 17 years. The estimated investment for this part of the project is US$485 millionforeseeing the generation of about 1,000 jobs during construction and another 400 for the operation stage.
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Furthermore, businessmen AISA Grouphe holding company led by the Spanish businessman Juan José Retamerothey reported that they will be carried out investments in exploration for US$52 million for the next five years. “Minas Argentinas will work under two premises: increase the amount of Deep Carbonate Resources and Reserves and develop new sectors that can be put into production in the future,” they assured.
For this reason, drilling work has already been resumed and work has also begun with advice from specialists. Argentines, Chileans and Australians. As this media learned, The new exploration will not only be focused on gold. During these first months of work, the company already found strong geochemical indications of the potential of one or more porphyries of Molybdenum, Gold and Copper in the best-known sectors of the site.
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Production of industrial lime: US$75 million
The investment plan presented at the RIGI also Production of Industrial Lime. Gualcamayo is a large deposit of high-purity limestone and has more than 400 million tons already extracted and crushed. In addition to top quality carbonate resources in several potential quarries, they noted.
The geographical location of the deposit generates a logistical advantage to reach those who will be large consumers of this product with the lime: the copper projects in the north of San Juan, Catamarca and Saltamining projects in northern Chile and lithium plants in northern Argentina.
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To develop this project it will be necessary to carry out a gas pipeline from San Juan to Jáchal and Gualcamayowhich will also allow the supply of natural gas to be extended to the northern region of the province, generating an unprecedented social and economic impact. The estimated investment is US$75 million, to begin when the executive project of the gas pipeline is completed.
Solar park in Gualcamayo: US$37 million
Likewise, in this first VPU presented by Argentine Mines The first stage of the Photovoltaic Park that will be built in Gualcamayo. Although the comprehensive project contemplates a production of 800 MW, in this first RIGI The construction of a 50 MW park was committed for the exclusive use of the mine’s electrical needs with an investment of US$37 million to start next year.
Later, progress must be made in the construction of a 500 kV link that is linked to the National Interconnected System (SIN) that allows energy to be sold to any point in the country. According to the promoters of the project, that will be cause for a second VPU.
New leaching system to produce gold and silver: US$350 million
The investment plan of Argentine Mines is completed with expansion, refunctionalization and repowering of its current leaching system, which will allow, starting in 2025, to produce gold and silver over the next few years, from sectors that were already considered exhausted.
It also contemplates a series of environmental restoration works in unproductive sectors. In all these concepts, the works will demand investments of the order of US$350 millionapproximately, and will begin in the first quarter of next year.
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“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. 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 Retamerodetermined to invest to generate more development, the only path is sustained growth, and that is what we are betting on at Minas Argentinas,” he stated. Ricardo Martinezexecutive director of Argentine Mines.
Likewise, he highlighted the key work of the internal teams, whose experience and capacity have been decisive in carrying out this ambitious investment plan. Additionally, he stressed the importance of collaborating with an advisory firm of recognized international prestige, belonging to the “Big Four” group, which not only provided strategic advice, but also precisely coordinated the required document management, ensuring compliance with the highest international standards.
Minas Argentinas SA and AISA Group are already analyzing the presentation of a second VPU for the coming months, once this first RIGI is approved. It could commit another 1 billion dollars in investments in photovoltaic generation and construction and/or improvements of the high voltage transmission system.
The formal VPU submission process was completed hours ago. Now, the National Government must evaluate the investment plan, request additional data, if it considers it appropriate, and issue a resolution of approval or rejection within a period of 45 business days. Only with the approval of the Ministry of Economy, Minas Argentinas will be authorized to begin work under the conditions established in the recently sanctioned RIGI and to which the province of San Juan duly adhered.
Source: Ambito
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