The Diablillos project, one of the most advanced mining developments in the Argentine Puna, has completed a key stage with the filing of the definitive feasibility study (DFS) technical report. The deposit, located on the border between Salta and Catamarca, thus consolidates its path toward production with an initial investment estimated at 481 million dollars under the large investment incentive regime (RIGI).
The study, prepared under international standards, confirms the development of Diablillos as a conventional open-pit mine with a processing plant of 9,000 tonnes per day and an estimated mine life of 25 years. The economic projections are compelling: the project achieves an after-tax net present value (NPV) of US$ 3,000 million, with an internal rate of return (IRR) of 41.9% and a payback period of just 1.7 years.
The initiative has all the necessary provincial environmental approvals. In April it obtained Salta's approval and in June added Catamarca's Environmental Impact Declaration. In addition, the legislatures of both provinces approved an interprovincial cooperation agreement establishing a formal framework for coordination on administrative, regulatory, tax and royalty matters, a key step given the project's location in an area historically affected by border disputes.
In parallel, the company continues to evaluate a possible expansion through the incorporation of a heap leach circuit to process lower-grade ore. The metallurgical results obtained exceeded initial expectations, with gold recovery higher than predicted, which led to extending the timeline for the preliminary economic assessment, expected to be completed during the fourth quarter of 2026.
Diablillos, acquired by the company in 2016, is located in the southern end of Salta province, within the Puna region, close to the border with Catamarca. The company plans to move toward a final investment decision in the second quarter of 2027, with the goal of starting construction and generating more than 2,000 direct and indirect jobs during that stage.
