Financial Accountant

Orion Minerals (ASX:ORN) is receiving the first drawdown of US$40 million in Glencore (LSE:GLEN) funding for the Prieska mine.

Glencore to invest US$4 billion in copper with RIGI and projects up to US$20 billion in Argentina. President Javier Milei announced alongside Glencore's CEO during Argentina Week in Paris the approval of RIGI for Agua Rica, Glencore's copper project in Catamarca. The mining company projects investments of up to US$20 billion in the country over the next decade. October 2, 2026 | 09:36 AM Buenos Aires - Javier Milei and Glencore CEO Gary Nagle announced from Argentina Week, which is being held in Paris, that the entry into the Incentive Regime for Large Investments (RIGI) was approved for the Agua Rica copper project, which the company owns in the province of Catamarca and which envisages an estimated capital investment of US$4 billion. The approval comes after Nagle confirmed that Glencore plans to invest between US$14 billion and US$20 billion in Argentina over the next ten years, mainly through the development of its large copper projects. "From a tax and stability perspective, it is the key enabler for Glencore to invest between US$14 billion and US$20 billion in Argentina over the next 10 years," Nagle said when referring to RIGI during a panel with the Secretary of Energy and Mining Coordination, Daniel González. On Glencore's investment horizon, El Pachón remains pending, the copper megaproject the company owns in San Juan and for which it also requested adherence to RIGI. Nagle anticipated that he expects to obtain approval of the regime by mid-2027 and assured that, once developed, it could become one of the five largest copper mines in the world. A US$4 billion investment in Catamarca. At Agua Rica, also known as MARA, the company plans to disburse US$771 million during the first two years, nearly ten times the minimum amount required by RIGI. The project will be financed through Glencore capital contributions and debt. According to official information, it will have the capacity to produce an average of about 200,000 tons of copper per year and will be entirely for export, with estimated foreign sales of US$2.167 billion annually. Nagle explained that MARA is a brownfield project that will take advantage of Alumbrera's infrastructure. "It is effectively an expansion of our existing operations," he noted. The executive also confirmed that Glencore will invest more than US$4 billion in its construction. The ore will be processed at the Alumbrera plant, transported through a slurry pipeline to Tucumán, and then transported by train to the port of Rosario. When Agua Rica will begin producing. The official schedule foresees that construction will begin in November 2027 and that operations will start in October 2031. During construction, up to 3,500 jobs would be created. Once in operation, the project foresees about 1,250 direct jobs and another 3,750 indirect jobs. Glencore also highlighted local hiring, an issue that is strongly debated in Argentina as the development of mining megaprojects begins. Nagle noted that Alumbrera already has around 2,000 workers and that nearly 90% are from Catamarca, mainly from communities near the operations. The project also contemplates investments in infrastructure related to roads, energy, and water. RIGI and Glencore's plan in Argentina. For Glencore, one of the central points of RIGI is the combination of tax benefits and long-term stability. Nagle maintained that, after the implementation of the regime, Argentina gained competitiveness against other major copper producers in the region. "When you compare Argentina after RIGI with its closest competitors, particularly Chile and Peru, Argentina becomes more competitive," he stated. According to the executive, before the regime, part of the capital destined for these projects could have ended up in other markets. Daniel González, Secretary of Energy and Mining Coordination, highlighted that projections for mining export growth toward 2030 and 2031 are based on concrete projects and not on developments that are still uncertain. "They are specific projects that we simply add up. That is a reality," he stated, and maintained that their implementation will have an impact in provinces such as San Juan, Catamarca, Jujuy, and Salta.

What is Radiant World and why is it in the news? Published on 10/02/2026 at 02:54 am EDT - Modified on 10/02/2026 at 02:59 am EDT SINGAPORE, Oct 2 (Reuters) - Iron ore trader Radiant World has been at the centre of a widening crisis since banks and counterparties began distancing themselves over concerns it may have used invalid documents to raise financing. Radiant World has denied any wrongdoing. WHAT IS RADIANT WORLD? The company was founded in the early 2000s by Indian national Pinkesh Nahar, a 45-year-old who until recently was little known outside the niche world of iron ore trading. With offices in Singapore, Britain, China, India, Switzerland, the US and the United Arab Emirates, it became one of the world's biggest iron ore traders, handling more than 80 million metric tons of the steelmaking raw material annually, according to its website. More recently, it built up its business trading base metals such as aluminium and copper. Corporate filings for its main operating entity, based in Singapore, show revenue of $9.6 billion in its financial year ended September 30, 2025. WHAT IS THE LATEST? Radiant World faces mounting legal challenges. This week, New York-based fund Mariner Atlantic Multi-Strategy LLC showed in a US court filing that it had made a criminal complaint in mid-September in Switzerland against Radiant World and related companies alleging fraud and money laundering. The complaint is related to about $48.6 million that Mariner says it lent to Radiant World in late June that was underpinned by trade receivables. WHAT OTHER LEGAL CLAIMS HAVE BEEN MADE AGAINST IT? In late September, a Singapore High Court judge appointed KPMG as interim judicial managers of the Singapore operating entity in a case brought in August by creditor Mizuho Bank. In appointing KPMG, the judge said interim judicial managers were needed to investigate suspected fraud at Radiant World. Mizuho in June provided some $100 million in credit to Radiant World that was secured by invoices that a counterparty to the iron ore trader, London-listed Glencore, later said were invalid, Reuters reported, citing documents and a source with direct knowledge of the matter. Interim judicial managers typically take over management of companies while the court decides whether to appoint a full judicial manager. A fund linked to US bank Jefferies secured freezing orders against Radiant World as well as Sapphire Minmetals, which used to be part of the firm, from courts in Britain, Singapore and Hong Kong. The fund, LAM Trade Finance Group II, said it purchased iron ore receivables from firms linked to Radiant World and/or Sapphire, buying the right to be paid by traders such as Glencore and Vitol. But those receivables either did not exist or were not validly assigned, it said in its claim against Radiant World. Italian bank Intesa Sanpaolo and Deutsche Bank have demanded Radiant World repay credit they extended based on documents that counterparties later said were invalid, according to last week's Singapore judgement. WHAT IS THE GLENCORE CONNECTION? In early August, Swiss-based commodity trader Glencore said it had booked a provision on its exposure to Radiant World and later said it had stopped all business with it and exited its obligations with the firm. In September, Radiant World and related entities filed a lawsuit against Glencore in Singapore seeking more than $2 billion in damages over allegations of fraud, breach of contract and conspiracy. Glencore called Radiant World's claims against it "meritless". "We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action," it said on September 15. Glencore recently suspended its head of iron ore trading Peter Hill pending a review of its historic business activities with Radiant World, Sapphire Minmetals and associated companies, according to a source familiar with the matter. WHAT DOES RADIANT WORLD SAY? "Radiant World rejects, in the clearest terms, the allegations of wrongdoing that have been made against it and the companies associated with it," it said on its website. "This is, and has always been, a commercial dispute arising out of a genuine and longstanding trading relationship." WHAT OTHER FALLOUT HAS THERE BEEN? Singapore police said in August they were investigating Radiant World after receiving reports about the company, without giving further details. Some steelmakers in China, the world's biggest metals consumer, have ceased dealing with Radiant. Some Radiant World staff have left the firm, including its head of China iron ore. Broker Marex has frozen Radiant World's accounts, Reuters reported in August. (Reporting by Solomon Cefai in Singapore, Pratima Desai in London and Tony Munroe in Singapore; Editing by Jamie Freed) (C) Reuters - 2026