# Glencore receives RIGI approval for Agua Rica \(MARA\) Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/glencore-receives-rigi-approval-for-agua-rica-mara--a0969afe-15d4-4f98-a414-ceaf1e3a1ff9 Original source: https://senspdf.jse.co.za/documents/SENS_20261002_S604212.pdf Publisher: jse Original announcement: 2026-10-02T12:48:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-02T19:48:37.231Z Atlas analysis updated: 2026-10-02T19:48:37.231Z - Company: Glencore plc - Ticker: GLN - Exchange: JSE - Region: Catamarca, Argentina - Primary commodity: Copper - Secondary commodities: Gold, Silver, Molybdenum - Document categories: Permitting, Resource update - Extracted: 2026-10-02 19:48:38 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Glencore has received approval for the Agua Rica \(MARA\) project under Argentina's Incentive Regime for Large Investments \(RIGI\). The project is a large-scale copper, gold, silver, and molybdenum deposit that will leverage the Alumbrera processing facilities. Reasoning: The RIGI approval is a significant regulatory milestone that de-risks the capital commitment for the Agua Rica project. - Positive factor: RIGI approval provides fiscal and regulatory certainty - Positive factor: Synergies with Alumbrera restart - Positive factor: Large-scale resource base Facts used in scoring: 4 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides a summary of the current M&I resource for Agua Rica. Evidence · text > estimated measured and indicated mineral resources of c.1.2 billion tonnes of ore ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/glencore-receives-rigi-approval-for-agua-rica-mara--a0969afe-15d4-4f98-a414-ceaf1e3a1ff9#fact-resource-facts-0) Agua Rica · copper #### Identity - Project: Agua Rica - Commodity: copper - Region: argentina - Reported Region: Catamarca, Argentina - Ticker: GLN #### Resource scope - Estimate type: resource - Resource group id: resource:54f9940d9b69597a25eb - Deposit or zone: Agua Rica #### Resource Data - Category: indicated - Tonnes: 1200000000 - Grade: 0.47 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Part of the stated M&I resource estimate for the project. - Positive factor: Large scale resource Evidence · text > estimated measured and indicated mineral resources of c.1.2 billion tonnes of ore, with average grades of 0.47% copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/glencore-receives-rigi-approval-for-agua-rica-mara--a0969afe-15d4-4f98-a414-ceaf1e3a1ff9#fact-resource-facts-1) Agua Rica · gold #### Identity - Project: Agua Rica - Commodity: gold - Region: argentina - Reported Region: Catamarca, Argentina - Ticker: GLN #### Resource scope - Estimate type: resource - Resource group id: resource:54f9940d9b69597a25eb - Deposit or zone: Agua Rica #### Resource Data - Category: indicated - Tonnes: 1200000000 - Grade: 0.2 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Part of the stated M&I resource estimate for the project. Evidence · text > 0.20 g/t gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/glencore-receives-rigi-approval-for-agua-rica-mara--a0969afe-15d4-4f98-a414-ceaf1e3a1ff9#fact-resource-facts-2) Agua Rica · silver #### Identity - Project: Agua Rica - Commodity: silver - Region: argentina - Reported Region: Catamarca, Argentina - Ticker: GLN #### Resource scope - Estimate type: resource - Resource group id: resource:54f9940d9b69597a25eb - Deposit or zone: Agua Rica #### Resource Data - Category: indicated - Tonnes: 1200000000 - Grade: 3.4 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Part of the stated M&I resource estimate for the project. Evidence · text > 3.40 g/t silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/glencore-receives-rigi-approval-for-agua-rica-mara--a0969afe-15d4-4f98-a414-ceaf1e3a1ff9#fact-resource-facts-3) Agua Rica · molybdenum #### Identity - Project: Agua Rica - Commodity: molybdenum - Region: argentina - Reported Region: Catamarca, Argentina - Ticker: GLN #### Resource scope - Estimate type: resource - Resource group id: resource:54f9940d9b69597a25eb - Deposit or zone: Agua Rica #### Resource Data - Category: indicated - Tonnes: 1200000000 - Grade: 0.03 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-02T00:00:00.000Z Reasoning: Part of the stated M&I resource estimate for the project. Evidence · text > 0.03% molybdenum #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.