Vicuña Corp. to Double Investment in Argentine Copper Projects to $800 Million

Major Investment Boost for Argentine Copper

Vicuña Corp., a joint venture between Australian mining giant BHP and Canada's Lundin Mining, is set to significantly increase its capital expenditure in Argentina's burgeoning copper sector. The company announced plans to double its investment to approximately $800 million this year in the Filo del Sol and Josemaría copper, gold, and silver projects located in the San Juan Province.

This substantial increase follows an investment of nearly $400 million in 2025, underscoring a strategic acceleration in the development of what are considered some of the world's largest undeveloped copper, gold, and silver deposits.

Project Scope and Strategic Significance

The Filo del Sol and Josemaría projects are integral to the Vicuña District, a geologically prospective region situated along the Argentina-Chile border in the Andes Mountains, at elevations exceeding 4,200 meters above sea level. These deposits collectively boast impressive resources:

• 13 million metric tons of measured copper
• 25 million metric tons of inferred copper
• 32 million ounces of measured and indicated gold
• 49 million ounces of inferred gold
• 659 million ounces of measured and indicated silver
• 808 million ounces of inferred silver

The total investment for the entire Vicuña District is estimated by the company at $5 billion, though some local officials and industry experts suggest the final cost could reach as high as $15 billion. Argentina, which has not produced copper since the Alumbrera mine closed in 2018, is actively seeking to re-enter the global copper market amidst growing concerns over future metal shortages critical for electrification.

Advancing Development and Future Outlook

Vicuña Corp. has formally applied to be part of Argentina's Large Investment Incentive Regime (RIGI). This government initiative, championed by President Javier Milei, offers significant tax and legal benefits designed to attract major export-oriented projects and foster foreign investment in the mining sector.

Despite the logistical challenges of operating at high altitudes, the company is pushing forward with development. Production from the Filo del Sol and Josemaría mines is targeted to commence in 2030, with plans for both projects to process concentrate at a central facility in Josemaría, which has an estimated operational lifespan of 25 years. An integrated technical report detailing further economic and technical aspects of the projects is anticipated to be released in the first quarter of 2026.