By Ryan Dubé

Argentina's libertarian President Javier Milei secured a legislative victory Thursday after Congress revised a glacier-protection law that had been a major obstacle for global miners seeking to tap some of the world's largest copper deposits.

Government officials and mining executives say the change is a key step in Milei's bid to turn Argentina into a global copper powerhouse. Glencore, BHP Group and First Quantum are among companies with prospective copper projects in Argentina that require some $26 billion in new investments.

The previous legislation, enacted in 2010, banned mining at or near thousands of Argentine glaciers, many high in the Andes where copper deposits are located. Mining executives say the law was so broad and unclear that it prevented nearly all mining, including in areas without glaciers or with no connection to aquifers.

The change in the legislation will put provincial governments -- eager to promote jobs and development -- in charge of determining which glaciers should be protected by identifying those that are a source of water downstream.

Milei said it would eliminate "ideological distortions and artificial barriers that hinder progress."

"Genuine care for the environment and economic growth are not enemies," he wrote in a statement celebrating the legislation.

Argentina currently produces virtually no copper, even though it shares the same Andean mountain range with Chile, by far the world's biggest copper producer.

The approval on Thursday is Milei's second win in the Argentine Congress since February, when lawmakers passed legislation to ease strict labor rules. Milei also scored a court victory last month, when a U.S. court ruled that Argentina didn't need to pay shareholders $16 billion for its takeover of a state oil company under a previous government.

Milei, a close ally of the Trump administration, has had more success advancing his free-market overhaul since Argentina's midterms in October, when he picked up more seats in Congress after the U.S. provided a bailout to stem a run on the currency.

The change to the glacier law sparked protests by environmentalists, who clashed with police outside Congress. Left-wing politicians said they would challenge the reform in courts, calling it unconstitutional.

"It's important to develop mining in Argentina that is compatible with environmental controls, but not at any price," said Congressman Maximiliano Ferraro, who opposed the law.

Mining analysts caution that companies and provincial authorities would still need to carry out costly scientific studies to determine which glacial areas are important water sources that need to remain protected. They also expect an influx of lawsuits that could slow new projects.

"This is still important for copper projects because it provides more legal and regulatory clarity," said Nicolás Muñoz, a mining expert at consulting firm CRU Group. "Projects needed this to be approved."

Milei also has pushed other measures to attract new mining investments. Under a program called RIGI, he loosened foreign-exchange controls for companies and provided tax stability for 30 years while reducing the corporate tax rate. The program also includes legal benefits, including the ability to arbitrate disputes abroad at independent tribunals.

Michael Meding, head of the Argentine chamber of mining exploration companies, called the change to the glacier law an important step forward that allows for development while protecting the environment.

"Clearer rules strengthen an investment climate that has already improved significantly and will help attract the capital needed to develop the world-class copper projects currently advancing in Argentina, " said Meding, who is also managing director of McEwen Copper, which is developing a copper deposit in Argentina.

Write to Ryan Dubé at ryan.dube@wsj.com

(END) Dow Jones Newswires

April 09, 2026 15:58 ET (19:58 GMT)

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