Barrick Gold and Shandong Gold are looking to invest $400 million in Argentina’s Veladero gold mine under the country’s new investment regime. The project aims to increase output by 1.6 million ounces between 2025 and 2028.

Argentina’s Large Investment Incentive Scheme (RIGI) is part of President Milei’s economic reforms to attract investments. Gold accounted for 68% of mining exports last year, valued at $3.14 billion, driven by high metals prices.

The Veladero mine produced 504,000 ounces of gold in 2021, with projections of 380,000 to 440,000 ounces for 2025. The proposed investment will add new mining phases, creating 89.2 million tons of new ore processing capacity.

The project is expected to generate $3.8 billion in export revenue by 2033. Veladero currently employs 3,800 people, with 91% of the workforce from the local San Juan province.

Read more at Yahoo Finance: Barrick, Shandong Gold aim for $400 million investment in Argentine mine