Argentina Unleashes $2 Billion in Mining Incentives, Copper Snaps Back, The Metals Company Reveals Its Cost-Sharing Deal, and South Crofty's Clock Runs Down
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Today on The Mining Insider:
Argentina's government approved two major mining projects under its RIGI large-investment incentive program on Thursday. The Cauchari-Olaroz lithium expansion, backed by China's Ganfeng Lithium Group and Lithium Argentina AG, will invest $1.24 billion to add 45,000 tonnes per year of lithium carbonate equivalent capacity. The San Jorge copper project in Mendoza will invest $891 million — the first large metal mine in Argentina's wine country. RIGI now has 16 approved projects with total pledged investment approaching $30 billion. Economy Minister Luis Caputo confirmed another 20 projects are under evaluation.
Copper is pulling back. After an eight-day rally that took LME futures to $14,106 per tonne — within 3 percent of the January all-time high — prices fell 1.5 percent on Thursday as Chinese purchasing activity slowed. The retreat is a reminder that the copper rally has been partly financial-flows driven, not purely physical shortage.
The Metals Company released its Q1 2026 results Wednesday afternoon. The headline number from the earnings call was the Allseas cost-sharing structure: Allseas has agreed to fund a significant portion of pre-production costs, with repayment scheduled after production commences — materially reducing TMC's near-term cash burn. TMC also disclosed an exclusive negotiation right at the Port of Brownsville in Texas for a processing and refining hub, and a new partnership with Mariana Minerals to advance feasibility work.
And the countdown is on at South Crofty. Cornish Metals needs to complete an equity raise of at least $161 million before the May 21 bond settlement — six days from today. Without it, the $210 million bond does not close, the project cannot make a Final Investment Decision this summer, and the restart of Britain's historic tin mine is delayed again.
Sources: Buenos Aires Times, Mining.com, Bloomberg, Lithium Argentina AG investor release, The Metals Company Q1 earnings call transcript (MarketBeat), Cornish Metals / International Tin Association.
