First Quantum taps IFC for Argentina copper push

First Quantum Minerals (TSX: FM) has partnered with the World Bank’s International Finance Corporation (IFC) to align its Taca Taca copper project in Argentina with global sustainability standards.

The agreement will bring the Salta province project in line with IFC standards on environmental and social sustainability, strengthening its appeal for debt financing while advancing responsible mining practices. The collaboration is also expected to support long-term economic benefits for local communities, workers and Argentina’s broader economy.

Shares of First Quantum rose more than 5% to $37.81 in Toronto by mid-Wednesday, also lifted by news that Panama approved a long-awaited permit on Tuesday allowing the company to remove, process and export stockpiled ore at its shuttered Cobre Panama mine. The firm has a market capitalization of about $31.5 billion.

“Taca Taca is one of the world’s premier undeveloped copper assets,” CEO Tristan Pascall said in the statement. “We are pleased with the partnership with the IFC, which endorses both the project and Argentina as an emerging mining jurisdiction supported by recent economic reforms” 

Sector boost

The project is expected to require an initial investment of about $4.2 billion for 40 million tonnes a year throughput, with expansion potential to 60 million tonnes bringing total investment to $5.25 billion. It is projected to produce roughly 291,000 tonnes of copper annually after expansion during its first decade, within a 35-year mine life.

Once operational, Taca Taca is expected to create up to 4,000 jobs during construction and about 2,000 during operations, while supporting skills development and infrastructure growth. 

“The partnership supports Argentina’s push to strengthen its mining sector and attract investment while benefiting local communities,” said Manuela Adl, IFC’s senior country manager for Argentina. 

The deal underscores Argentina’s push to develop its critical minerals sector, with the country holding the world’s fourth-largest copper reserves and third-largest lithium reserves, both key to global electrification and supply chain resilience.