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Argentine President Javier Milei and thirteen provincial governors’ pitch to investors and foreign institutions this week in Paris resulted in $27bnworth of new investment promises in mining and energy.
France’s TotalEnergies announced a $10bn prospective project pipeline across several projects in Neuquén and Tierra del Fuego, including a $1.5bn subsea well project with no construction or production start dates, which will apply for Argentina’s Large Investment Incentive Regime (RIGI) by July 2027. French mining company Eramet announced $350m in a lithium project that is pending RIGI approval. Anglo-Swiss Glencoresaid it’s targeting final investment decision on a $4bn-plus expansion on its Mara copper project by late 2027, and Rio Tinto floated potential future interest in Argentine copper.
But other projects had more firm commitments, such as Pan American Energy’s $1.2bn for an oil recovery project in Chubut, and Pluspetrol‘s announcement that it obtained RIGI approval for its$12.4bn development in the Vaca Muerta shale play. And YPF said it’s targeting a final investment decision by 26 November with partners Eni and XRG for its Argentina LNG project, which has an estimated $51bn capex over the full lifetime of the project including $29bn by 2031.
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