Canadian mining company First Quantum Minerals discussed the start of construction on the $3.5bn ($4.75bn) Taca Taca project during Argentina Mining 2024, an international mining sector event at the Province of Salta Convention Centre.

The Taca Taca project, a top-tier copper mine located 230km west of Salta, foresees a multibillion-dollar investment from First Quantum and its subsidiary, Corriente Argentina. This investment will generate numerous direct and indirect employment opportunities in the province.

“This is one of the most important projects that could change the productive matrix of the province and would generate exports of $2bn annually, making mining the main economic activity in the province,” Governor Gustavo Sáenz said in January.

According to local news reports, the Salta Government has finalised an agreement to advance the Taca Taca Mining project review. The agreement specifies that the Argentine Geological and Mining Service will provide scientific and technical assistance in evaluating the project’s environmental and social impact, and participate in inspection and monitoring activities.

In 2013, 9.6 million tonnes (mt) of contained copper were measured as indicated resources at Taca Taca, with and 3.4mt as inferred resources. First Quantum has updated these estimates following reviews.

The Taca Taca copper-gold-molybdenum porphyry deposit is in a combined package comprising several distinct concessions and exploration permits. Two mining concessions are jointly owned by third-party groups, with a 50% stake each. These properties are subject to a 1.5% net smelter returns royalty.

According to MarketWatch, First Quantum Minerals shares rose 0.93% to C$14.13 (around $10.42) on 6 September, outperforming the negative Canadian market.