Dump trucks and bulldozers operate at Barrick Gold Corp's Veladero gold mine in San Juan province, Argentina April 26, 2017.
The Veladero mine, operational since 2005, is located at approximately 4,000 meters above sea level in the Andes. Last year, it produced 504,000 ounces of gold and is projected to yield between 380,000 and 440,000 ounces in 2025. The proposed investment will support the development of new mining phases, adding 89.2 million tons of capacity for ore stockpiling and processing. This expansion is expected to extend the mine’s operational life and enhance efficiency.
The RIGI program, introduced in 2024, offers incentives such as tax benefits, customs advantages, and foreign exchange support, along with 30 years of legal stability for qualifying projects. A company source stated: “This investment will significantly boost Veladero’s output and contribute to Argentina’s economy.” The project aligns with Argentina’s efforts to attract substantial investments to its mining sector, which saw gold account for 68% of the country’s mining exports in 2024, valued at $3.14 billion, followed by silver and lithium.
The expansion is anticipated to generate approximately $3.8 billion in export revenue by 2033, strengthening Argentina’s position in the global gold market. The Veladero mine currently employs 3,800 workers, with 91% from the local San Juan province, supporting regional economic growth. The joint venture, established in 2017 when Shandong Gold acquired a 50% stake from Barrick Gold, continues to prioritize sustainable operations and community engagement.
This investment reflects confidence in Argentina’s mining potential and the RIGI framework’s ability to foster long-term growth. The project’s progress will depend on approval from Argentina’s Economy Ministry, with further details expected as consultations advance.
