“Argentina is well-positioned because it hosts several high-quality, undeveloped copper resources, Taca Taca among them.”
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Can you update on the status of Taca Taca?
We are progressing five workstreams. First, driving the approval of our Environmental and Social Impact Assessment (ESIA). Taca Taca is one of the largest and most complex projects in Salta, so the review is necessarily rigorous. Once the ESIA is approved, we will file our RIGI application well in advance of the July deadline. Third, we’re advancing our water program. Taca Taca sits in the high Andean Puna, a relatively arid environment. We are building a comprehensive hydrogeological understanding that prioritizes the sustainability of sources over their availability. The catchments we are evaluating cover more than 500 square kilometres across the Salar de Arizaro between the catchment edges. In parallel, we are preparing the funding and partnering process to align capital and potential strategic participation with our development schedule. Finally, Taca Taca is maintaining consistent community and stakeholder engagement to ensure a solid social foundation for execution.
We anticipate average copper production of about 250,000 t/y in the first 10 years. Mining will be a conventional truck-and-shovel operation, with a crush-grind-flotation concentrator. The initial design is a 40 million t/y plant with an option to expand to 60 million t/y. The flow sheet is closely modelled on our Trident operation in Zambia, with adjustments for Taca Taca’s grind requirements and Puna climate.
How does First Quantum Minerals view global copper supply and demand fundamentals?
Greenfield copper projects typically require 16 years or more from discovery to production, which means high capital requirements, long timelines, and significant risk. In recent years, most sanctioned projects have been brownfield expansions, while global reserve grades have continued to trend lower. On the demand side, we see powerful structural drivers: ongoing electrification and infrastructure build-out, the energy transition, EVs, and data centres. The current copper supply is about 23.5 million t/y. By 2035, demand is expected to be about 24% higher, an increase of roughly 8.2 million t/y according to WoodMac.
To bridge that increment alone would require more than 33 Taca Tacas. Supply will lag demand, which should support long-term incentive pricing for new project development. Argentina is well-positioned because it hosts several high-quality, undeveloped copper resources, Taca Taca among them.
Why is the RIGI stability regime so important for Taca Taca?
A project like Taca Taca is a multi-decade, high-capital investment in a remote location that also requires significant enabling infrastructure. For that to be financeable and sustainable, we need fiscal and tax stability across multiple political cycles. RIGI provides that stability. Without stability, the resource would have to deliver outsized returns to offset risk, and geology does not bend to finance.
What enabling infrastructure will you build, and how will it benefit the region?
Grid power is the first necessity. We plan a 345-kilovolt transmission line of roughly 140 km. We will lay a fibre-optic line to bring reliable internet to communities such as Tolar Grande and Pocitos, which today rely on diesel electricity generation and have limited connectivity. We will refurbish the rail corridor from Taca Taca toward Socompa, focusing on the Argentina-Chile link to port facilities on the Pacific. We are helping to maintain Provincial Road 27 with other operators and will continue to do so. Finally, we plan to build an airstrip to reduce road traffic and help with improved medical evacuation options
How are you approaching environmental stewardship in an arid environment?
We operate in an arid, sparsely vegetated setting. We are aligning our environmental and social management with IFC standards and continue critical habitat studies to understand sensitivities. On water, our priority is sustainability. The aquifers in the Puna do not recharge annually; they respond to episodic storm events. Our hydrogeology program is designed to understand how those systems behave under drawdown and to define extraction strategies that mitigate and minimize impacts.
What should stakeholders expect over the next year?
First, secure ESIA approval at the beginning of 2026. Second, continue and expand our water exploration and modelling program. Third, file the RGI application well ahead of the July deadline. In parallel, advance funding and potential partnering processes. Finally, maintain and deepen community and stakeholder engagement so that when we are ready to launch development, we have the technical, financial, environmental, and social pillars in place.
Can you update on the status of Taca Taca?
We are progressing five workstreams. First, driving the approval of our Environmental and Social Impact Assessment (ESIA). Taca Taca is one of the largest and most complex projects in Salta, so the review is necessarily rigorous. Once the ESIA is approved, we will file our RIGI application well in advance of the July deadline. Third, we’re advancing our water program. Taca Taca sits in the high Andean Puna, a relatively arid environment. We are building a comprehensive hydrogeological understanding that prioritizes the sustainability of sources over their availability. The catchments we are evaluating cover more than 500 square kilometres across the Salar de Arizaro between the catchment edges. In parallel, we are preparing the funding and partnering process to align capital and potential strategic participation with our development schedule. Finally, Taca Taca is maintaining consistent community and stakeholder engagement to ensure a solid social foundation for execution.
We anticipate average copper production of about 250,000 t/y in the first 10 years. Mining will be a conventional truck-and-shovel operation, with a crush-grind-flotation concentrator. The initial design is a 40 million t/y plant with an option to expand to 60 million t/y. The flow sheet is closely modelled on our Trident operation in Zambia, with adjustments for Taca Taca’s grind requirements and Puna climate.
How does First Quantum Minerals view global copper supply and demand fundamentals?
Greenfield copper projects typically require 16 years or more from discovery to production, which means high capital requirements, long timelines, and significant risk. In recent years, most sanctioned projects have been brownfield expansions, while global reserve grades have continued to trend lower. On the demand side, we see powerful structural drivers: ongoing electrification and infrastructure build-out, the energy transition, EVs, and data centres. The current copper supply is about 23.5 million t/y. By 2035, demand is expected to be about 24% higher, an increase of roughly 8.2 million t/y according to WoodMac.
To bridge that increment alone would require more than 33 Taca Tacas. Supply will lag demand, which should support long-term incentive pricing for new project development. Argentina is well-positioned because it hosts several high-quality, undeveloped copper resources, Taca Taca among them.
Why is the RIGI stability regime so important for Taca Taca?
A project like Taca Taca is a multi-decade, high-capital investment in a remote location that also requires significant enabling infrastructure. For that to be financeable and sustainable, we need fiscal and tax stability across multiple political cycles. RIGI provides that stability. Without stability, the resource would have to deliver outsized returns to offset risk, and geology does not bend to finance.
What enabling infrastructure will you build, and how will it benefit the region?
Grid power is the first necessity. We plan a 345-kilovolt transmission line of roughly 140 km. We will lay a fibre-optic line to bring reliable internet to communities such as Tolar Grande and Pocitos, which today rely on diesel electricity generation and have limited connectivity. We will refurbish the rail corridor from Taca Taca toward Socompa, focusing on the Argentina-Chile link to port facilities on the Pacific. We are helping to maintain Provincial Road 27 with other operators and will continue to do so. Finally, we plan to build an airstrip to reduce road traffic and help with improved medical evacuation options
How are you approaching environmental stewardship in an arid environment?
We operate in an arid, sparsely vegetated setting. We are aligning our environmental and social management with IFC standards and continue critical habitat studies to understand sensitivities. On water, our priority is sustainability. The aquifers in the Puna do not recharge annually; they respond to episodic storm events. Our hydrogeology program is designed to understand how those systems behave under drawdown and to define extraction strategies that mitigate and minimize impacts.
What should stakeholders expect over the next year?
First, secure ESIA approval at the beginning of 2026. Second, continue and expand our water exploration and modelling program. Third, file the RGI application well ahead of the July deadline. In parallel, advance funding and potential partnering processes. Finally, maintain and deepen community and stakeholder engagement so that when we are ready to launch development, we have the technical, financial, environmental, and social pillars in place.
